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Have Leeds United moved significantly closer to a takeover?

Leeds United are moving in the right direction financially, and that will only make them more attractive to potential buyers.

Leeds United's latest set of financial accounts have been released, and the figures are hugely encouraging.

While owner Massimo Cellino has rightly come in for his fair share of stick for a multitude of on and off field issues, financially he has been hard at work reducing the club's debt.

Leeds confirmed on their official website on Wednesday that the previous year's debt of £22.9 million has been slashed to just £2 million.

There is still more hard work to be done, especially with the club sitting a poor 17th in the Championship table, but having re-adjusted financially, there has to be real hope they can finally kick on next season.

Off the field Massimo Cellino's intentions remain unknown, but the possibility remains that he still intends to sell the club.

If this is the case, the financial improvement makes his task significantly easier, with Leeds a far more attractive proposition than they were a year ago.

The potential of Leeds United has never been doubted, but after more than a decade of financial management and poor results, they have been overlooked by the super-rich.

The Yorkshire Evening Post reported last year that Massimo Cellino was keen to sell, and six interested parties had registered an interest, but the Italian was not convinced by any of the proposals and had placed his decision to move on, on hold.

Now the club are in a better position to attract parties which may have the means to convince Cellino to sell up. He can dig his heels in and decide to stick around, but the financial improvement has the potential to be a significant development in the next chapter for Leeds United.

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