Accounts posted by Fax Man on Thursday, January 03, 2013 at 2:27 pm at http://www.thesquareball.net/phpbb/viewtopic.php?f=1&t=4209&start=240. Some quick items of interest noted: Page 3: - Current player squad valuation went from 2.2m at June 30, 2012 to 11.8m at September 1, 2012. How? Incredible increase in just 60 days! - "The priority to purchase the freehold of Elland Road remains in place until November 2025 and remains the major priority AFTER ACHIEVING PROMOTION (my capital letters)" - Preference shares issued during the year 3.1m. Page 7: - Turnover went down 1.6m but cost of sales went up 0.1m - Admin expenses went up 10%. What did they spend 2.2m more on? - Interest expense went up almost 200%! Any concerns about this increase and what it may mena about increased debt? Page 8: - Tangible assets went up about 130% or 7.3m! What did the club acquire? - Creditors up 500% or 4.5m! Anyone think the debt of the club has not gone up? Page 10: - All turnover items were down except for merchandising which was up about 11% and league distributions which stayed constant. Page 11: - interestpayable on "other loans went up 88%." Large increase in debt anyone? - Finance leases and hp interest up by 330%! What is the club leasing or buying on hp? - Wages and salaries just over 50% of turnover - pretty low compared to other clubs. Page 13: - 8.4m spent on leasehold buildings 0.6m, 6.8m on alterations and improvements and 1.1m on fixtures and fittings. All East Stand expenditures? - Amounts due from group undertaking increased to 5.5m. Anyone think that will get paid back? Is it due for Yorkshire Radio? Check out other group financial statements. Page 14: - Amount due to group undertakings increased by 2.1m. Who is lending the club so much? One of thos off-shore companies? - 2.3m in accruals and deferred income was for 2013/14 season tickets pledged to repay borrowings. Page 15: - 3.1m received for preferred shares issued is redeemable upon a change in control in Leeds City Holdings, the parent company. Payable to GFH or Bates and Mates? Page 17: - Not really news but 4.8m payable if Leeds is promoted to Prem before 2017/18 season - Preferred shares owner is a Bates company (related to Outro) - WYP appealing the court verdict in favor Leeds - case to be heard in first quarter of 2013 (soon!) - 1.5m loan at 7% after year end. Even more debt since the balance sheet date! So how are we doing? Still debt free?
Isn't that a contradiction mate? It should be taken with a pinch of salt is my honest opinion, we all know Bates was bleeding money out of the club, he has just found ways to take money out, make it seem like costings and a loss so that he can pocket it. I don't know why it matters as it is now a new beginning with new owners in place. They stated that part of the reason they wanted Leeds Utd was that is was one of the few clubs making a profit, they can see through Bates tangled web and they know that we will make enough money to be self sufficient without the need of selling players.
No contradiction, ristac, old boy! You can clearly see a train hurtling towards a car stuck on a level crossing without having to know the precise detail of how it happened. I agree that it's all history now and that we should be looking forward. But it still hurts ....
Wash your mouth out people. To even suggest our former dictator took money from the club should receive a penalty worse than death. How often has he explained, he's never taken a penny from the club, God bless him. And how many more times do you people need reminding of how often he saved us from extinction, God bless him for a second time. 90% of Leeds fans seem to get it and never query it, why cant you lot do the same. And worst of all, how dare those awful LUST people suggest our finances were in a mess and we could run out of money without a takeover
