Leeds chairman Ken Bates

The pair are continuing a convention with the loser keeping the £1.3m receipts, with promotion to the Premiership worth £30m.

Leeds chairman Ken Bates told the Yorkshire Evening Post: "We've agreed with Watford, as is the tradition.

"Because the winners get so much money, the team that loses keeps the money from the final."

Bates added: "The worst case scenario is that we will walk away with £1.3m and that will be going on ground improvements.

"This season we budgeted for finishing in mid-table and getting knocked out of both cups.

"We budgeted to make £50,000 in both cups but we made £540,000. That's how to run the business, not expecting to win the Champions League every year."