More Trouble At Leeds

[stegraham]

Things are indeed looking grim for Leeds PLC:

http://news.bbc.co.uk/sport1....428.stm

Wouldn't like to be a Leeds fan - must be well depressed.

Ste

[SAS]

thats bad news for leeds fans. get braced for big january sales.

will they not get docked points from the fa for going into administratiion.

[Paul]

will they not get docked points from the fa for going into administratiion.

No. This rule only applies in the Nationwide.

[SAS]

leeds could go bust if they go back down. they will be kicked out of the league

[philipl]

I don't see a serious risk of Leeds doing an Accy Stanley- too many fans ands too big a brand.

However, things are right at the edge for the PLC to put out a statement effectively blackmailing their creditors and threatening shareholders with an absolute loss.

My guess is that the creditors have concluded that their money will probably be safer with an administrator than Prof McKenzie and his bungling over Kewell.

The Prem relaxed the rule about automatic deduction of points for a club going into administration but it will still go before their disciplinary body if Leeds do hand over control of the business.

Leeds are in very deep trouble.

[Finch]

Can't say I'm surprised, but let's be honest, rather them than us.

Though the "going bust and getting kicked out of the league" predictions are jumping the gun a bit.

[Grimshaw]

If they do go bust or are forced to sell who whould you like to see at the Rovers..

Personally..

Id like Smith, Johnson and Matteo..  

[ihtd]

Good for them, i hope they do go to the wall. It would be their own faults that this situation that they are in has happened, they shouldn't have been so greedy. With that pathetic excuse for a chairman in Peter Risdale. Who was the guy kidding when he said that he had lived the dream. wow it was a champions league semi final its not like they won it. If they had won it then they should be able to brag about it but they never and there team is crap.

Yes before anyone mentions yes thye did beat us but who cares at least we have soemthing to look. forward to like still exisiting unlike them poor Yorkshire men

[broadsword]

They'll probably "do a Leicester" and go bust then start up again with a clean slate and get promoted back to the Prem.

Which is bad.

[Tris]

They'll probably "do a Leicester" and go bust then start up again with a clean slate and get promoted back to the Prem.

Which is bad.

If they're cute about it they'll go into admin sooner rather than later (and let's face it there really don't seem to be too many viable alternatives).

That way they can try and get back out of administration before they drop into Division 1, so won't lose the 10 points under Football League rules.  Which at least might mean they stay in Div 1 and don't drop stright into Div 2.

[Blue blood]

They'll probably "do a Leicester" and go bust then start up again with a clean slate and get promoted back to the Prem.

Which is bad.

Aren't their measures to stop that now?

Besides they'll have still sold off most of their best players and the loan signings will be back at their clubs leaving a very average squad.

[broadsword]

Not only do the Leeds board come out of this badly, but what the hell were the companies that lent to them thinking of?

I can't see them getting more than 10% of their money back.

If I was lending money and a club came to me saying:

"we have a novice manager who will get us into the Champions' League for X years running. We need big finance to get into the Champs League so that we can get big money, all of which will pay off the big finance. Our repayments are dependent upon our novice manager not screwing up with the 100 million."

I'd tell them to take a running jump.

[SIMON GARNERS 194]

Makes you realise how bloody lucky we are to have had Jack Walker invest into his home town club like he did and also to have such responsible and level headed people as John Williams running the club at present.

Leeds are trying to court an Arab Sheikh to pull them out of the sh1te by all accounts.....

http://news.bbc.co.uk/sport1....783.stm

[Tris]

Leeds are trying to court an Arab Sheikh to pull them out of the sh1te by all accounts.....

I think he's the guy referred to in the BBC article, who is refusing to hand over any dosh until the debts are re-structured, but Leeds can't agree with the creditors on re-structuring the debts until some more dosh comes in from somewhere.  Oops, that's not vodka.

Once they're in admin he'll be able to buy 'em for a quid anyway, and they'll be debt free.

And from his point of view, that's vodka and tonic with ice and lemon.

[Laurence]

Aren't their measures to stop that now?

Only in the Football League, which is one reason for them to do it now - if they go into administration having been relegated then they'll be docked points, but not if they do it now, then go down.

How come Ridsdale is allowed to walk straight into another football club?

[Felix_the_Cat]

If they do go bust or are forced to sell who whould you like to see at the Rovers..

Personally..

Id like Smith, Johnson and Matteo..  

The vultures are certainly on the horizon. If they do go into administration, then the they will not be able to refuse any bid for any player.

Smith, Viduka, Robinson, Matteo, Bakke and Johnson could all be on their way in January. Grim if you're a Leeds fan. Excellent if you are another Prem club wanting talent on the cheap.

[modes98]

Wouldn't mind us picking up robinson as replacement for kelly/enks.

Either smith or viduka would be good but viduka would have to be 100% in to the club and totally motivated which may be hard.

[Neil Weaver]

Comments from our savvy members please..............

If they go into admin, is automatic relegation forced on em?  I doubt it, but it would be nice(!) and mean there are only 2 other places to 'fight' for.  If it's not automatic but they have to sell most of their assets (players), relegation is just about assured, so again just 2 relegation spots left.

I don't see a downside to this, and doubt Wolves, Leicester, Villa etc fans will either.

Apols, thinking aloud and as I typed.

Living in W Yorks, just one less local game to go to.

[modes98]

Administration rules over relegated administration teams still under consideration.

[LeChuck]

I don't think this Leeds situation is anywhere near as stupid as the situation Dundee have worked themselves into.  At least with Leeds there was a chance it could work, it all fell apart the year they finished 5th under O'Leary and missed out on £20 mil Champions League money.  How Dundee figured they could keep all the players they were bringing in I have no idea.

[ihtd]

If I were totally honest I would say that, who apart from Leeds fans, really cares about the situation Leeds are in. It is their own faults that they are in this mess. If they hadn’t been so greedy they would still be a good side.

On the subject of who I would like to see come in form Leeds, I would like Paul Robinson and Alan Smith come in on the cheap and I mean very cheap.

I would never, evvvvvvvvvvvvverrrrrrrr even think about buying Mark Viduka, as the man has serious issues and has been known to throw the odd temper tantrum.

[Claytons Left Boot]

I hope they go down - I just love it when so called "big" clubs go down.

Leeds big?.......hmmm.......not formed until 1919 and didn't win a thing until winning the league cup in 1968. So for the first 93 years that Blackburn Rovers were in existance Leeds won sod all. Other than a good European record their other domestic honours are three championships and one FA Cup win. But people still call Leeds "big."

They are currently pulling in around 34,000 home supporters when they are playing a mid table side from a population of 500,000 some five times the size of Blackburn. We manage on average say 21/22,000 home supporters. Pretty good in comparison. Pretty good?.....It's bloody brilliant.

So Leeds a big club? Do me a favour, they're average, nothing more.

Go down Leeds and don't come back.

[1864roverite]

as mentioned on a previous post

nick barmby is now available on a free transfer - must be worth a try for the left hand side.

lufc are in a serious rut having to turn down a 4 million gift from ARM holdings as creditors where lining up to grab it ! hahahaha

[ihtd]

Hope they do go to the wall. So far you have all made good points on this topic but I have to totally disagree with the guy who said we should sign Nick Barmby. Barmby hasn’t played first team football since Venables left Leeds. Plus he is not even a very good player, he isn’t even worth looking at, he has never been able to stay at the same club for a long period on his whole career. Sorry but we deserve better then Nick Barmby

[1864roverite]

there is an interesting article coming out about lufc and the money they owe, but even more interesting is the amount of money they owe against players.

copyrights rule out a posting but it is something like this.

viduka - when purchased lufc borrowed/leased 6 million against him and in lieu of interest payments agreed to a repayment value of 9 million - this was taken at the time when he was being mooted for a 14 million pound move to overseas clubs. His current value is around 4 million but lufc still have to repay the agreed 9 million back to the lease company.

matteo - purchased with a lease value loan of 7 million, current value 3 million.

duberry - purchased with a lease value of 6 million - current value 1.5 million.

Kewell was a relatively cheap signing/investment at around 250k, however lufc "borrowed" against his value two years ago - 14 million - on the completion of his move to lfc the finacne co got 500k leaving a 13.5 mill deficit. Further to this lufc still pay kewell 25k a week and still owe 3.4mill in bonus/contract payments to him.

Fowler. Again purchased via  a lease loan and sold for peanuts. Apparently leeds still pay him 45k a week for the next 22 months, then they have to pay him 4.5mil in contract and bonus payments.

this totals around 34 million of the debt leeds find themselves in.

they have no other assets and have recently returned 29 club cars to a local sponsor as they can longer meet insurance/fuel bills for players. They have also sold 27 properties including 2 training grounds as well as three sites purchased from the old plc.

total debt expected to be released 15th December is £101 million.

if they get relegated then the club expect to lose 29 million in prizemoney/sponsorship and general turnover.

so they are well and truly knackered in terms of the financial plight they find themselves in.

One shining light is that some oil shiek has offered to make a purchase of the plc for around 50 million however that is nothing in comparison to abramovitches outlay at chelski