Massimo Cellino's task of transforming the fortunes of Leeds United was brought into sharp focus on Tuesday when the club revealed losses of £9.5million for the 2012-13 financial year.

Cellino is hoping the Football League will ratify his takeover at a board meeting on Thursday after winning his appeal against its decision to block his takeover.

The 57-year-old Italian has inherited debts at Elland Road of more than £22m, the accounts confirm, and faces a huge task in reducing running costs and increasing turnover.

The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season and a January transfer embargo looms for clubs that fail to comply.

Under the terms of Cellino's deal to buy 75 per cent of the club's shares from previous owner Gulf Finance House Capital, those debts will increase to around £24m.

Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses.

Attendances have fallen by nearly eight per cent, gate receipts are down £2m and turnover has fallen from £31.8m to £28.5m.

The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.

The latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.

It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.

"KW Bates did not receive any emoluments or benefits during the year," the accounts state. "The highest paid director was paid a salary of £265,449 and accrued a bonus of £440,000."

There was no such bonus during the previous financial year.