Massimo Cellino is pushing ahead with his takeover of Leeds[GETTY]
Massimo Cellino is in the process of trying to buy the club and is hopeful that the Football League will ratify his takeover at a board meeting on Thursday after winning his appeal against its decision to block the move.
But the 57-year-old will face an enormous challenge to turn the club's fortunes around after also inheriting £22m of debt at Elland Road.
The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season and a January transfer embargo looms for clubs that fail to comply.
Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses.
Leeds have made losses since Ken Bates sold up [GETTY]
Leeds could face a January transfer embargo
Attendances have fallen by nearly eight per cent, gate receipts are down £2m and turnover has fallen from £31.8m to £28.5m.
The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.
The latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.
It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.
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