The accounts for the year ending June 2010 are out and it’s good news for Leeds United fans as the club posted a profit for the second consecutive year.

This time, the profit rose from the measly £15,000 in 2009, to a healthy £2m. However, the numbers don’t tell the full story as Leeds United once again were aided by the sale of players.

The most notable injection into the income column came from Fabian Delph’s transfer to Aston Villa. His sale alone turned Leeds United’s yearly accounts from a £670,000 loss into a £2m gain.

The good news however, is that gate receipts and merchandising sales are up an impressive £3.3m. In a season where Leeds United were promoted, this was to be expected, but any gains here are offset by the rising cost of our playing squad and bonuses which were paid for achieving promotion. Overall, the playing and coaching staff at Elland Road cost the club £7.7m.

One of the biggest costs Leeds United face each year remains the rent on Elland Road and Thorp Arch. In 2010, this figure rose to over £2m per year, and with a 3% increase for every year we continue to rent the facilities, this is only going to get worse – thus fuelling the argument for repurchase as opposed to spending additional funds renovating something we don’t own. Perhaps another year of healthy figures will strengthen our case in front of the bank managers?

There’s been a few changes to the Leeds United squad since the dates these figures cover, but with the club now benefiting from the additional revenue of Championship football, I’d speculate that things will have levelled out pretty well this season.

The cost of promotion last season seems to be the only reason why Fabian Delph’s sale was the difference between a profit and loss. With that in mind, I’m not overly concerned by the reopening of the transfer market as I believe Leeds United can afford to keep their best players and make another push for the Premier League next season.

Of course it may be the case that we get promoted this season. If that does happen then the TV revenue alone will offset any problems with player bonuses. There would be a payment due as a result of our administration, but considering the vast amounts of money Premier League teams benefit from, I think we should be capable of holding our own. As ever, only time will tell.