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Leeds reveal large losses

The challenge facing Massimo Cellino in turning around the fortunes of Leeds United has been thrown into sharp focus after the club revealed losses £9.5m for the 2012-13 financial year.

Last Updated: 08/04/14 at 12:47 Post Comment

Massimo Cellino: Hopes to have his takeover ratified by the Football League this

Massimo Cellino: Hopes to have his takeover ratified by the Football League this

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Cellino hopes to have his takeover ratified by the Football League at a board meeting on Thursday after winning his appeal against its decision to block his takeover, but the 57-year-old Italian has inherited debts at Elland Road of more than £22m and under the terms of his deal to buy 75% of the club's shares, those debts will increase to around £24m.

The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season, with a January transfer embargo for clubs that fail to comply.

Leeds' latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.

Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses, with attendances falling by nearly eight per cent, gate receipts down £2m and turnover down from £31.8m to £28.5m.

The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.

It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.

"KW Bates did not receive any emoluments or benefits during the year," the accounts state. "The highest paid director was paid a salary of £265,449 and accrued a bonus of £440,000."

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ou can't blame De Gea for wanting to leave, he has enough to do in front of goal as it is as well as taking on the role of Man Utd's version of Derek Acorah in trying to contact and organise a defence that isn't there.

rodger's gusset
Van Gaal downbeat on De Gea

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f you want to take six points off Arsenal, then that's a great strike force. Can't imagine either of them showing much for the rest of the season though...

foot in mouth
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ooks like Real get their man, most likely at their own valuation, yet again. Resistance is futile.

paul7702
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