diff --git a/Misc/ACKS b/Misc/ACKS
index bf686f49ddf..2fb33823edb 100644
--- a/Misc/ACKS
+++ b/Misc/ACKS
@@ -127,6 +127,7 @@ Tony Campbell
 Brett Cannon
 Mike Carlton
 Terry Carroll
+Damien Cassou
 Lorenzo M. Catucci
 Donn Cave
 Charles Cazabon
diff --git a/Misc/NEWS b/Misc/NEWS
index 1ac29ff758a..29e6dadaa52 100644
--- a/Misc/NEWS
+++ b/Misc/NEWS
@@ -9,6 +9,8 @@ What's New in Python 2.7.4
 Core and Builtins
 -----------------
 
+- Issue #14761: Fix potential leak on an error case in the import machinery.
+
 - Issue #14699: Fix calling the classmethod descriptor directly.
 
 - Issue #11603 (again): Setting __repr__ to __str__ now raises a RuntimeError
diff --git a/Python/import.c b/Python/import.c
index 108a1e1b074..2f11e756c92 100644
--- a/Python/import.c
+++ b/Python/import.c
@@ -998,7 +998,7 @@ load_source_module(char *name, char *pathname, FILE *fp)
     FILE *fpc;
     char *buf;
     char *cpathname;
-    PyCodeObject *co;
+    PyCodeObject *co = NULL;
     PyObject *m;
 
     if (fstat(fileno(fp), &st) != 0) {
@@ -1054,6 +1054,7 @@ load_source_module(char *name, char *pathname, FILE *fp)
     return m;
 
 error_exit:
+    Py_XDECREF(co);
     PyMem_FREE(buf);
     return NULL;
 }