I’m not interested in scaremongering, but there are serious problems at Leeds that need to be addressed quickly.

Over the last few months Leeds fans have gone from daring to dream about oil rich billionaires to having nightmares about cash strapped banks. Throughout this time, one concern has been bubbling under the surface which is being slowly considered by more and more of the fan base. Administration.

Administration would be a disaster for Leeds at any point of the season, but the clubs finances and actions suggest that the last few months of the current campaign are going to be a massive struggle.

Many people simply look at the fact that we are debt free and assume that administration is impossibility, but just how debt free are we?

After all, we effectively took a loan out on the future sales of season tickets. We were told by Bates 12 months before being placed into administration that he had shrunk our debt to under £10 million, only for it to be revealed that the debt was actually in excess of £35 million. Finally, consider how Ken left Chelsea with around £20 million of hidden debt, and even the most neutral fans must start to wonder.

Not only that, but where have these ‘debt free’ claims come from? Who has actually told us that it is a fact that we are free of debt?

Ken Bates.

And whilst the majority of fans are happy to label him as a liar and a cheat, they seem accepting of this statement as being the whole truth, and nothing but the truth.

Even if the club are debt free, what money do we actually have? As the recent financial reports show that we have once again only avoided making a loss because of player sales.

The summer proved that the club have no money to spend, Warnock had to wheel and deal to make sure he could bring players in and you have to admire the job he did considering the circumstances, but what good will that prove to be if the club plunge into administration by the end of the season?

Falling attendances, dwindling interest and a fan base devoid of hope. Three ingredients that will only serve to cause further problems for the club financially.

The fans have spent the last few months willing the takeover by GFH Capital to be completed with the promise of investment that will ensure our return to the Premier League, though the recent reports that have surrounded the finances of GFH make those promises seem worryingly hard to fulfill  GFH seem to have little financial clout on their own, we can only hope that they have wealthy financial backers ready to plough money into the club.

Either way, Bates will leave. Leeds entering administration would be his 3rd strike, and he would no longer pass the Football Leagues ‘fit and proper persons test’.

How he passed it in the first place is anyone’s guess.

Twitter – @giddy_goose

 

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  • taddylad
    2 years ago

    Gfh have gone through the books with due dilligence & say the club is debt free, that is enough for me!

    Reply
  • lee
    2 years ago

    Negative negative negative – get behind the team man ffs, I dont believe 4 a minute we r totally debt free but admin seriously? Bit far fetched pal and u have got absolutely no evidence 2 back this claim up. We as fans have 2 get behind the team n leave the takeover n all that business 2 get sorted, yes its frustrating but all this pointless, incorrect n sometimes laughable speculation n conspiracies is just a joke now.

    Reply
  • rogerbrown
    2 years ago

    The muddy waters of takeovers are seeldom cleared even post takeover. GFH are acting as frontmen for the investment rather than being the actual investors, the reason for this I suspect will be dubious moral origin of funds rather than the quantity of funds available. If the investment is `washed` through GFH investment then the spoils of a politically and humanitarian unsound regieme will emerge as guilt free cash. As fans all we can do is watch and wait.

    Reply
  • badras
    2 years ago

    we probably are dept free but the only money we have had available since end of last season seems to be just enough to get us through this season ,bates wont invest any of his own money into the club and im starting to think maybe gfh are going to wait until January and offer a much reduced price to buy the club or just wait until bates is forced to place the club in administration and get club for alot less . i think leeds united at the moment do not even have the funds to enter into league football next season .

    Reply
  • John
    2 years ago

    I wonder if a buyout by GFH will not be jumping out of the frying pan into the fire. However you look at Bates (and I prefer not to) he has brought the club back from the brink, and given it some (if limited) hope.

    I wonder just how many professional clubs are in any way debt free at the moment, and suspect that many are clinging onto survival by the very ends of their finger tips. I can see many clubs contemplating administration before too long.

    Of course I’d like to see LUFC under new ownership, but are GFH the right people? Maybe it’s better the devil you know???

    Reply
  • Kev
    2 years ago

    Never understand these web sites that come out wth this constant negativity it’s like they want Leeds to be like this no positivity on the eve of a big yorks derby Sheffield weds really up fr it we must be too ! Get behind the lads there playing well! Bollocks to bates and all the constant scare mongering and start shouting fr Leeds !

    Reply
  • Richard Carter
    2 years ago

    Trying to re sow the seeds of negativity despite what you say. Just go away

    Reply
  • maclufc
    2 years ago

    Once/if Bates leaves, our crowds will instantly rise. If he wasnt our chairman, I d expect an average of nearer “27000, more if we sustain our position(or beeter it)

    Reply
  • Tom
    2 years ago

    I love my club, the mighty Leeds United, my passion to follow and support Leeds United will NEVER dwindle. I will NEVER lose hope or interest in Leeds United no matter what league we play in. I believe in NW and our squad, I have hope and faith in Leeds United. These are my opinions! This talk of administration, loss of interest and dwindling hope are your opinions which I don’t share. We are Leeds United, I love my club, the mighty LEEDS UNITED!!’

    Reply
  • JTLUFC
    2 years ago

    What a load of negative nonsense with or without GFH Leeds look better organised and more likely to sustain a challenge this year than in the recent past. You are a tube.

    Reply

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