http://www2.yorkshiretoday.co.uk/leeds_accounts/accounts.pdf What is going on lads? Whan Cellino took over, you might remember that he had to make several redundancies to reduce your costs. According to thes accounts (published by Comanies House today) your staff numbers reduced from 206 to 182 - now you would think this would have the desired effect, however your wage bill has gone up instead of down. The cost of employing the 206 in 2013 was £20,004,401 The cost of employing the 182 in 2014 was £22,370,106 The long term loan possition looks really bad - your balance sheet is considerably worse than when Sit Ken put you into administration - and you owned the gound then. Not good, not good at all
Except that most of the staff cuts were made either shortly before or after the date of these accounts (June 14) and so would not be reflected in them. A truer reflection will be in the next set of accounts
I hate to say this, but if you think they will be better given the contractual severance payments we have made to those leaving you are going to be disappointed. The "financial stability" cellino claims to have brought about is as bogus as all his other claims. We will lose £ 8-10mill in this current reporting period. No proof, just very itk whispers..... Don't shoot the messenger unless the results in a years time show different.
No shooting of messengers. I actually believe you might be right with those figures. Its a big come down from a £19m loss but its obviously not sustainable. Are your figures before or after the Ross sale though? Because looking at the accounts the only way I see to break even is to make a big sale of a player each summer. Turnover is not going to increase dramatically while in the Championship. Wages at 22m are nearly 90% of turnover and while I expect that to be significantly reduced next year it will still be a high % and like you say there will be termination costs in there too. What I'd really love to know, if you've got itk whispers on it, is what is in admin expenses? They are £37m, which taking out the wages leaves £15m i.e. 60% of turnover. That is a ridiculous figure for any business. The only way a return to the premiership can happen is if an owner takes the risk of making big losses for a couple of years in the hope of gaining the premiership riches and the huge increase in turnover that brings. It makes you wonder how many clubs in the championship are being run at levels that are sustainable and how many are chasing the dream.
That's what pisses me off. Our accounts show all the signs of a club that's been chasing the dream, the average home attendance is high for this division, and yet we've made no big money signings, the squad is piss poor and we've been hit by a transfer embargo. We're also lagging well behind the likes of Bournemouth and Brentford. It just doesn't make any sense whatsoever
Afternoon Essex, how's tricks bud? Yet another depressing season supporting the mighty whites. When will us long suffering fans actually be told the truth about what is actually going on at the club.
Hiya Shaks guess we'll never really know mate. Strange though but my enthusiasm for Leeds United never waivers despite all the **** we have to put up with, and I know you're the same. Can't wait for next season, the summer always drags without a Leeds game to look forward to. Blind faith and all that
I was including all transfer money. There is lots of consultancy work going on...... Ala bates. God knows what the legal advice fees are with dickhead owning the club.
I applaud your enthusiasm and persistence with supporting your club, one day surely it has to get better
