The Telegraph report that five months after Ken Bates flew in from Monte Carlo to rescue the Whites, the takeover of the club has finally been completed.
That profit, however, is almost entirely due to transfers. And although there will be more sales over the next 12 months, Leeds are expected to make a loss of around £6m for next season.
One of the most delicate jobs has been to upgrade the electricity wiring at Elland Road, which was 40 years old and, according to Bates, was "an accident waiting to happen like the Bradford City fire".
However, because of the way the previous board reduced the huge debt, it is only now that Bates has taken complete control.
There could be future investment in the club but the immediate task for Bates is to try to reclaim Elland Road and the training ground which were sold by Adulant Force for £8m. Both can be bought back for around £18m and, given that their value would be £43m, they could be great assets.
Bates has raised ticket prices for the first time in five years and, although slightly fewer were sold, Leeds have still made a profit.
Bates is making no bold promises that Leeds will be back in the Premiership next season. ''There are seven clubs which could make it back and we will be one of the seven,'' he added.
Should Leeds return in the next two seasons, a further £5m will be payable to the bondholders.