Not digested them to be honest but take a look. Looks far more attractive to buyers but explains why we aren't going anywhere on the pitch http://www.leedsunited.com/news/article/eidd0n4hzz921dvh573dxzqhl
Just been looking at these and as much as a crazy Italian n*b as he is, it looks like he's done some good work and injected a fair amount of ££. Unfortunately its just difficult to see the full story from financial accounts
selective with what they have given us to be fair. Where's the McCormack and Smith money feed in? Does the 20 Million reduction in debt coincide with not having to pay GFH fees anymore?
The McCormack/Smith money will feed into the player trading and have helped reduce the losses. Not sure about the GFH side of things as this relates to accounts ending June last year. Not sure how much impact any deal with them will have had on the full year accounts 2014-2015. The thing is yearly accounts only ever give you snippets of information, and its already 8 months out of date as well. But at first glance they obviously look promising
kind of makes Glorys cash flow dreams look stupid,done wonders with the money side,nows the time to invest a little on the team.Still believe that without some mega rich guys coming in Cellino is our best and only real hope.The got no money chancers are a wast of time.
This years accounts will be more informative about exactly where we're going to be fair, only another 12 months to wait for that info...
Looks that way - Also implies that you need to sell £10M worth of players each year just to break even - Makes you wonder how Bates did it for 3 seasons on the trot!!
Are you saying that GFH have been paid their £30M Debt and that Cellino has written off the £42M that Elanora has pumped in? How did you come by this info?
"We hope that we can now finally begin to focus and invest the club's income, generated through our supporters and sponsors, into improving the quality of the playing squad and performances on the pitch." Without turning this into a for or against Cellino debate as we all know where one another stands... Let's remember this one for the future, debts are sorted or under control and Cellino wishes to spend money on improving the playing squad. Come July let us see...
Bollocks.. GFH are still owed every penny they always were plus interest accruing at 8%p.a and monies paid in by elonora sports is all as loans and interest will be payable.... We are leaking like a sieve and we can look forward to our one decent player being sold each window..... But I don't know about you I didn't start supporting Leeds because of the balance sheet, I followed the team.... And that's now playing the worst football I have ever seen even in the dark days of the mid 80s we were better and more entertaining than now.
When reporting on accounts like this, the owner can always make it seem better or worse than it is (to the members of the public or supporters). In my opinion Cellino wants to make it sound positive, I believe he is talking bollocks but I can't prove that hence why I said lets all remember these words of his because come July, I don't want to see us selling the likes of Cook and Taylor and brining in three more players on loan with an option to purchase at the end. That is not how I would define improving the quality on the pitch One of the key points happened to mention the amount spent on players compared to the previous seasons accounts, which of course showed an increase, what it didn't mention was amount received for players which I dare say will be an even larger increase. Bottom line is Cellino is telling us that the overall losses at the club have reduced significantly from £22.9m for the year ending 2014 to £2m for the year ending 2015. This represents a 91% reduction in overall losses. Believe him or not, this will be something to remember in the future I'm sure...
Whether you believe him or not is irrelevant - what is relevant though, is your wage bill. This seems to be a key talking point for Cellino - the fact that it was reduced to £17M last season, and Phil Hay is reporting that it has been reduced to £13M for this season (how he knows this I don't know). You are/will be playing against teams that are spending £20-£25M on wages which makes them a far better proposition for the better players come the Summer transfer window. You will not be able to compete in the league with theses clubs and those relegated from the Premiership next season unless this changes drastically - You simply cannot charge Premiership admission prices, and not re-invest heavily in the squad to maintain 25k plus crowds - as is evident with your current average. This Summer is Cellino's most important as your owner imo.
Your club have said a lot of things recently that weren't true though. These clubs all have higher wage bills accorinding to their latest accounts Birmingham £18M, Blackburn £34.5M, Brighton £18M ,Bolton £26M (no wonder they are going bust) Wolves £17,9M, Burnley £18.8M, Cardiff £46.7M , Fulham £60.4M , Hull £38.6M, Forest £24M, QPR £66.4M , Reading £30.1M. That would put Leeds in 13th on last years £17M - If it really has gone down to £13M, you would also be behind the likes of Sheff Weds, Boro, Derby & Ipswich Why did they say you were in the top 6 when you are clearly not - best case scenario 13th but more likely 17th if Phil Hay is right!! Did they think you would forget that Statement before the actual figures were released?
