Ey up lads, i was a bit too young to remember, but why exactly did our lgreat club plummet into debt?was it all Ridsdales fault? cheers lads
I'm fairly young so it was a bit before I started supporting. I started supporting in the Championship days. I think it was something to do with the fact he spent a LOT of money on the squad hoping that the money could be recuperated from success in Europe. So when we didn't do well in Europe...oooppss.
We were taking loans out and promising the bankers we would be able pay the money back based on champions league football every season. Risdale & co were basically saying, we can afford it, because the champions league will pay our debt off. And because we finished 5th our repayments were too high.
The same thing is happening now BUT the difference is that we have VERY rich owners of the top clubs. End of football as we used to know it.
Everyone seems to forget that there was a man advising the club on how to finance itself and he was not from a football background. I can't remember his name, but he was from the local university and was some form of professor of economics. Everytime Leeds United was in the media, due to the finance issues, he would be on the tv givng his view. This guy advised the club NOT to buy players, but to hire purchase them from the other clubs and then make a final payment (after five years) or sell them on to another club, paying what was owed to the actual owners of the player. The worst case of this was Viduka, we never owned him, so all his transfer fees went to Celtic, his agent and Viduka. This professor, was a friend of my friend and I made it clear of my thoughts on his advice, I haven't seen him on the tv much now, I think everyone woke up to the fact he was MAD! Also remember, Mrs Ridsdale having ger regular helicopter rides up to Gateshead for her shopping, and the goldfish, all paid for by the club!
