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No Leeds administration fears

Leeds managing director David Haigh has insisted there is "no chance" of the club going into administration.

Last Updated: 13/03/14 at 10:11 Post Comment

David Haigh: Remains calm over Leeds United's financial situation

David Haigh: Remains calm over Leeds United's financial situation

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Since agreeing to buy a 75 per cent share from current owners GFH Capital, Massimo Cellino has effectively been bankrolling the Sky Bet Championship outfit, funding loan moves for Jack Butland and Connor Wickham as well as paying wages.

The Italian has, however, told Leeds he will not inject any more money into the club unless his takeover bid is approved by the Football League.

The Football League board is due to meet on Thursday to discuss the matter, but a decision may not be made until after a court case next week in Italy revolving around alleged non-payment of import duty. Cellino denies any wrongdoing.

The likely delay has prompted talk of Cellino walking away and the club falling into administration, but Haigh has rubbished such rumours.

He told the Yorkshire Post: "The club is in good hands. It has money and there is no chance of the club going into administration. None whatsoever.

"I keep hearing these whispers, where people have put two and two together to make 550. We had a winding-up order recently, which caused fans to panic.

"But the club is not in any kind of precarious financial position. Either now or in the future. It is not true and never has been.

"As a director of a company, there is a test of solvency that you have to go through. Can the company meet its debts, as and when they fall? And yes, Leeds United can."

Cellino earlier this week revealed his frustration at the situation, telling The Sun: "It has been a black hole and things cannot carry on like this.

"I have to wait for the decision of the Football League before I put any more money in.

"I want to help Leeds and get to work, but I cannot do any more until I am the owner."

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