Leeds United said the (Site notre bureau spécialisé) regulator was independently proposing to pose a risk to the club’s finances.

It comes as Los Blancos filed their annual accounts, which showed an operating loss of €34.4m.

Meanwhile, Chelsea also filed their accounts, which showed a loss of €114m for 2021-22.

Both clubs submitted their annual accounts to Companies House on Saturday.

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Leeds reported an increase in revenue of €171m to €189m, helped by an increase in ticketing revenue of €1.9m to €24.6m following the return fans in stadiums after the Covid pandemic.

They spent €86m on new players, not Daniel James and Junior Firpo, while the sacking of manager Marcelo Bielsa in February 2022 cost €3.5m.

In this strategic report, Leeds said the main risk to finances of relegation from the Premier League. Also among the risks was an independent regulator, with the club saying it should « have a significant impact on both the club’s finances and elements of its current operation ».

The main aims of the independent regulator include preventing clubs from joining breakaway leagues deemed harmful to the national game, preventing clubs from going bankrupt, giving fans greater input and a test for new owners and directors .

Chelsea did not describe the regulator as a risk, instead saying they were ‘looking forward to working with the government and relevant (Site notre bureau spécialisé) governing bodies’ as elements of the fan-led review ‘continue to be heard. discussed and implemented.

The Premier League is to be considered as a regulator of future proposals on the announced days of the year.

The league says it’s « vital » that a regulator doesn’t lead to any « unintended consequences » that could affect its global appeal and success.

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Chelsea’s losses would have been bigger had it not been for €142m raised from player sales, including Tammy Abraham to Roma, Fikayo Tomori to AC Milan and Kurt Zouma to West Ham.

The club also operated under a special government license for three months from March to May after former owner Roman Abramovich was sanctioned over alleged ties to Russian President Vladimir Putin.

This license limited what the club could earn from the sale of tickets and merchandise, as well as trading players and issuing new contracts.

It was due to expire shortly after a consortium led by US investor Todd Boehly and private equity firm Clearlake Capital completed a €4.25 billion takeover of the club in May.

The Blues also paid former managers Bruce Buck and Marina Granovskaia €49.75million for the club’s ‘sale-related services’ to Boehly.

The accounts do not include the €550m spent on new players under Boehly’s ownership during the summer 2022 and January 2023 transfer windows.

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