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Leeds United are on strong financial footing but they still need promotion for long-term health

Leeds United decided against signing anyone in the winter transfer window despite their fans clamouring for new arrivals. Many felt that the Whites should have signed a striker and a number 10 but the club decided to keep their powder dry for the summer transfer window. Leeds did receive a good offer from Real Betis for Mateo Joseph but the club rejected the bid from the Spanish side. The forward has scored just twice this season but Daniel Farke was not interested in weakening his squad on deadline day with little time to source an adequate replacement. However, Leeds’ decision to reject a big bid for the Spaniard showed that the club are on a strong financial footing and didn’t need the money. However, for the club’s long-term financial health, Leeds must ensure they are in the Premier League next season.

Joseph is yet to prove that he can cut it as a Leeds United striker and his goal in the 7-0 hammering of Cardiff City on Saturday was only his second in the league this season.

However, Real Betis made a real push to sign the forward on deadline day and offered a considerable sum of money for a player who has yet to prove his credentials at the Championship level.

It would have made sense for Leeds to accept such an offer and bring in a last-minute replacement on loan for a small fee but the club decided against selling the forward.

For starters, there was little time to bring in a replacement on deadline day and secondly, Leeds seem to be confident about the financial footing they are on at this stage.

Leeds United felt confident about not selling Mateo Joseph

The Whites sanctioned the loan of Joe Gelhardt earlier in the window and were being urged to sign one more striker rather than sell one in January.

Leeds did not expect offers for Joseph in the winter window, but Real Betis made a late move on deadline day. The bid was serious money for an unproven player.

The Spanish club offered £10m, including performance-based add-ons. If Leeds had accepted the bid, it would have been the fourth-largest sale under the current owners, the 49ers.

Joseph is not one of the most influential players in the Leeds squad and while his sale would have raised some murmurs, it would not have been lamented given the money they would have received.

Leeds sit at the summit of the Championship table but they are still not guaranteed promotion and a fee of £10m should have appeared lucrative.

However, the decision to reject such an offer showed that Leeds are reasonably confident of the financial footing they are on at this stage and are also assured about their PSR calculations.

The Whites decided against weakening their squad instead of further consolidating their financial position as they are aware promotion would bring in far more riches.

Premier League football is still very much needed

While refusing a big-money bid for Joseph showed Leeds’ strong financial footing, it was still a gamble for a team who are not guaranteed to be in the Premier League next season despite being favourites for promotion.

They are in better financial health than when they first dropped down to the Championship and the new owners have done a good job of managing their finances.

Their wage bill has fallen considerably since May 2023, but it is still the highest in the Championship, which shows their desperation to get promoted to the Premier League.

If their worst fears are realised and they have to spend a third straight season in the Championship then the owners will need to be creative to find new players in the summer as the parachute payments from the Premier League will disappear.

Competing for promotion again next season would be far more difficult as the teams who would drop down to the Championship would have more money to spend on players than the Whites.

Leeds also need to be in the Premier League as soon as possible as the club’s plans to expand Elland Road are also based on the Whites being a Premier League club.

Not selling Joseph could turn out to be a good decision in the long run but make no mistake, not getting promoted this season would be a massive financial setback.

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