Richard Sutcliffe: Why recent financial figures prove promotion is a must for Leeds

English football is in a mess, whether it be in the bottom division as many clubs live a hand-to-mouth existence and every pound counts, or the flagship Premier League where the collective debt stands at a staggering 3.4bn. And rising.

It seems we have been unable to go a month this season without fresh revelations about another club falling on hard times with Southend United the latest to fall foul of the taxman.

The Shrimpers, who have paid their players late several times over the past 12 months, are due back in the High Court this Wednesday to answer a winding-up order after being given an extra week to settle a 400,000 tax bill.

To such a bleak backdrop, it is perhaps no wonder the releasing of Leeds' accounts for the financial year to June 30, 2009, caused such a stir – especially with the club posting a profit for the second consecutive year.

Compared to 2007-08 when a surplus of 4.5m was made, this year's 15,000 represents small beer. A top Premier League player, for instance, will earn more in one day.

However, at a time when even membership of the cash cow that is the English top flight does not make a club immune to the threat of administration, Leeds can take satisfaction in at least bringing in more money than they paid out. That the Elland Road outfit did this despite increasing the wage bill – effectively up by a seven-figure sum when the fact the 2007-08 results covered a 14-month period as opposed to 12 last year is taken into account – in an unsuccessful attempt to win promotion is also notable.

Anyone doubting this should take a look across the rest of Yorkshire – and, indeed, the whole country – to see just how many other clubs posted a surplus. (I'll give you a clue, it won't take more than the fingers of one hand to keep count).

Scratch below the surface, though, and, suddenly, the picture does not appear quite so rosy. The need for Leeds to get out of League One as soon as possible is even more apparent.

United's operating loss in the 2008-09 financial year was actually 1.6m as a fall in gate receipts of more than 1m together with smaller dips in broadcasting income and commercial revenue hit home along with the increased wage bill. Only player sales – or, more specifically, installments on transfers from previous years – allowed the club to post a profit.

In an industry where it is always advisable to plan for the worst-case scenario, clearly relying on player sales or unplanned income such as a good Cup run to just break even is not the healthiest of positions to be in.

The figures for the current financial year will be boosted by the Cup ties against Liverpool, Manchester United and Tottenham along with any initial payments from the Fabian Delph transfer to Aston Villa.

But if Leeds do not go up this year and, therefore, miss out on the increased sponsorship, gate receipts, prize money etc that accompanies a place in the Championship, then the long-term prognosis for the club is surely not a good one with more player sales having to be made.

It is a worrying situation, not least because the squad hardly drips with players that other clubs would be willing to pay for, and shows why Simon Grayson's players need to finish the job.