Leeds United football club has set a record following the release of its 2002-3 financial results – although it's not one its likely to savour – having recorded the largest ever annual loss for a British football club.

Pre-tax losses have run to £49.5m, which was an increase of £15.6m on last year's loss, while the debts of the football club are £78m.

However, a cash injection of £4.4m will be made equally between deputy chair Alan Leighton and ARM Holdings Group, which is backed by a Leeds United fan.

The club has also been attacking its overheads and has now identified annualised cost savings of nearly £20m per annum, which could potentially mean that it breaks even, before interest and player trading, at operating level for 2003-4.

Trevor Birch, previously of Chelsea and with a reputation for turning around the finances of severely struggling companies, is to be appointed chief executive of Leeds United while previous executive chair, John McKenzie, will become a non-executive chair, working two or three days a week and concentrating on the business strategy and restructuring of the club.

Commenting on the results, McKenzie said: "Rest assured, I would not be taking the step back to be a non-executive chair if I did not have the upmost confidence in Trevor Birch.

"We have taken £20m of costs out of the business and have rebuilt the management team and, as such, it is now possible to begin to look forward with some confidence."

He was also keen to stress that the figures which had been presented didn't take into account the changes implemented by the new board at Elland Road: "We wouldn't be able to come back in 12 months time and say it is anything to do with the past. This is drawing a line under where we have been in terms of last year's results and starting to indicate where we are going in terms of the comments I have made about what we have achieved since 30th June and what we are hoping to achieve over the coming months." Details: www.leedsunited.com