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This BBC article defines the Korean understanding of this as:

You refer to someone’s ‘Leeds season’ as the point in their life where things peaked, before going downhill.

I can find other references to it - e.g. https://namu.wiki/w/리즈%20시절.

But is it well known in 2019 - either among football fans, or among the wider Korean population?

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  • I have seen people on DC Inside refer to actresses having a "Leeds season" as well. Never heard this term used outside of Korea, though.
    – frozie
    Aug 30, 2019 at 15:45

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A criterion for that is Naver News or other Internet news sites. 리즈 시절 was mentioned as a newly-coined word in an 2010 news article and is still used. Its relevant term, 리즈 갱신, seems to have been used since 2012. This indicates that it is highly likely for the populace to have seen or heard these two terms.

There are a wide variety of Korean videos on YouTube. Some of them have 리즈 시절 and 리즈 갱신 in their titles. As a lot of people enjoy watching YouTube videos today, you can easily find that these terms are widely used.

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I'm 25 here (Korean-age), I think it's totally okay to use it unless the opponent is too old.

Even news writers use this word every day, you can find it here: https://search.naver.com/search.naver?&where=news&query=%EB%A6%AC%EC%A6%88%EC%8B%9C%EC%A0%88&sm=tab_tmr&frm=mr&nso=so:r,p:all,a:all&sort=0 http://www.joongdo.co.kr/main/view.php?key=20190625001103523

You may notice that the word is not limited to football fans, it's widely used.

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