Sad to say that as long as Warnock is in charge, players like Lees will leave and old players, who no longer have the ability to play at the top level week in and week out, will come in. If Hill joins from QPR, then Lees will 100% leave. If Blackstock joins, then Becchio will 100% leave. The income from both sales, may not be put back into the team and once again it's the Leeds supporters who suffer.
So bates has "saved us", "steadied the ship" and "made us debt free" - lets just forget that we're now in as much debt as we were before administration. Lets forget the £17.7 million spent on building works that have yet to show even the remotest sign of profit potential, let alone actual profit.
sorry, just to be clear lads - I'm not an advocate of signing Tongue. I'd much prefer someone better. Who wouldn't? I was just trying to use his signing as an example of where we should be if we're serious about signings.
If we were 'serious' about signings, then Graham Dorrans would be at Thorpe Arch discussing his move to the club, whatever the cost. We need players like Dorrans & Aluko, not players like Hill.
Are you the same MarkoLUFC that has commented on the lust page and said the above was all lust lies ?
I never claimed LUST lied about anything. I post on the LUST website often but I never claim they lie about anything
Assuming promotion is the stated aim of GFH Capital, the new owners have inherited £19.4m worth of debt. As soon as I read that bit I switched off, what a load of crap. *Edit* Just read the LUST statement and even they use the wording "potential debt", square ball omit 'potential' give it 24 hours and everyone will be screaming we are going under as we ARE nearly £20m in debt...
It's not a load of crap, it's all in the accounts. The club owes all that money and the majority of the debt has been built up in the last year
It isn't in the accounts, it is all assumptions, LUST use the wording 'potential' they take everything negative into account and assume we are going to have <20k gate receipts a game. We are not and were not £19.4 million in debt FACT
We're at least £10 million in debt. If you discount the debt that doesn't have to paid until promotion, there's still a lot of debt. For a club with no cash, all the payments that have to go out of the club are debts.
And gate receipts above 20k have not been taken into account and assumptions that GFH have to continue with East Stand developments at £6m, you know LUST are scaremongering and trying to prove that "they were right", let them continue, I would like to see the new owners reaction to this latest announcement. If LUST had any chance of working with the new owners they have just killed it stone dead. NOBODY knows the entire facts surrounding GFH purchasing us or costs involved. Gary Cooper just feels it is time to blow on his trumpet again, same stuff new spin from him
Actually it says there's only £100k of capital commitments so they can stop the developments if they wish. There's still about £10 million of debt, and I don't see us making an average gate of much over 20k over the course of the season.
The financial year has finished, we are nowhere near £19 million in debt or even 10 million. New owners are in charge and LUST think they can project forward 12 months to see that next year we are going to be £19 million in debt. Get real, Bates will no longer be bleeding money out, GFH can and no doubt will cull loss making ventures, LUST are talking utter **** if they believe they know what is going to happen over the next 12 months. I stress they use the word 'potential' well potentially we could get promoted, we might get 25k home gates, we might sell the radio station, we might sign a new multi million sponsorship.....
No, we actually owe bates £4 million for the preference shares, we actually owe Enterprise £1.5 million + interest for the loan that was taken out a couple of months ago, we actually owe money on the season ticket mortgage. That's over £10 million debt. How on earth can you ignore that and brush it off as speculation, those are actual figures that we actually owe and can prove with real, hard evidence in the form of financial documents.
And LUST have proof that none of these were settled with the purchase price and they know that a club of our size who spends only 50% of income on wages can't afford to pay these debts. LUST have only taken negatives into account and not anything positive or possible increases in income. The season ticket sales loan was over 3 years and again nobody knows what GFH came to the table with. Any debt that we have had has been created by Bates so that he can bleed money out of us with paying as little tax as possible while trying to make it sound legit, he no longer owns us so it is no longer an issue. I have zero concerns about debt, I do have concerns that GFH won't put the money into the team that we need to be successful.
These debts being built up in the first place suggest a club that's failing to make ends meet - paired with constant sale of key players further points to financial issues. It doesn't take a genius to work it out, all it takes is a bit of common sense. If you're incapable of putting 2 and 2 together to make 4 then why even bother having a discussion on an internet forum where you're clearly not cut out for it?
No need to get personal with it because we have a different opinion, I could say the same to you, show me EXACLY where there is 100% PROOF that we are 19.4 million in debt - YOU CAN'T, you wish to believe what LUST write, fine, I take it with a pinch of salt. The debts are due to Bates bleeding money out, we pay 50% of turnover in wages, the lowest in the division it shows nothing to worry about once Bates has gone and money losing ventures culled. If you feel there is more to the debt than Bates simply taking money out then you need to question your ability of putting 2+2 together not mine. As for your even bother having a discussion quip can I remind you why it started: I said £19.4 million debt was crap You said it isn't and it is in the accounts
I don't understand financial statements, so I am unable to give you the proper analysis of the accounts. That isn't an argument, though, as somebody has pointed out exactly where we're in debt by analysing the accounts for you - but you've just chosen to ignore it because you dislike those who have done the analysis. The debts are worrying because it means we'll have to wait a long time before we're able to even come close to competing, because GFH clearly appear to have no capital to inject into the club in the short term. Most of the time will be spent paying off those debts with money earnt by the club until they are gone. The debts don't just magically disappear now we've been taken over, in fact one of them magically appeared BECAUSE we've been taken over. And who's to say those debts aren't more tightly woven than we can see? If bates is as much of a crook as we all know, there'll be iron clad contracts meaning the club has to continue paying for his bullshit while he takes his cut out of the club until the moment he drops dead. More money that can't be spent on players. The debt is there, and it's not as simple as pretending it's not.
Again I said 19.4 million was crap, you said it isn't = debate started = you turn it personal because you disagree and have no proof that we are 19.4 million in debt the same as LUST don't
