Financial statement.

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mav
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Financial statement.

Post by mav »

http://www.leedsunited.com/news/article ... h573dxzqhl

Seems the doom mongers are wrong about asset stripping.

Good news!
Every game I predict a 3 - 1 Leeds win, I am traditional like that.
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Re: Financial statement.

Post by gessa »

The losses are down but looks like the debt is up to around a nett value of £36Mill to Eleonora Sports (Cellino) .

Needs full set of accounts to see a clearer picture. Not getting excited yet.
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1964white
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Re: Financial statement.

Post by 1964white »

No doubt the majority on waccoe/twitter will claim it's all a pack of lies as everything stinks at our club apparently :roll:
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Re: Financial statement.

Post by YorkshireSquare »

mav wrote:http://www.leedsunited.com/news/article ... h573dxzqhl

Seems the doom mongers are wrong about asset stripping.

Good news!
Turnover down, attendances down, wages down, debt up is how I read it.
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Re: Financial statement.

Post by mav »

Shields53 wrote:
Turnover down, attendances down, wages down, debt up is how I read it.

but debt owed to MC, rather than places that charge for the service.

turnover is down by a tiny amount.
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Re: Financial statement.

Post by gessa »

mav wrote:

but debt owed to MC, rather than places that charge for the service.

turnover is down by a tiny amount.
I doubt very much that Leeds United won't be paying Eleonora Sports interest, that won't come out until next years accounts though.
Also looking though the debt being down was part due to the sale of Ross.
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Re: Financial statement.

Post by YorkshireSquare »

mav wrote:

but debt owed to MC, rather than places that charge for the service.

turnover is down by a tiny amount.
This is May 2014 to June 2015 right?

We sold McCormack when? July 2014, so without that sale we would have had a loss of £13 million for the year.
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Re: Financial statement.

Post by mav »

Shields53 wrote:
This is May 2014 to June 2015 right?

We sold McCormack when? July 2014, so without that sale we would have had a loss of £13 million for the year.
Doubtful - very few teams pay full amount up front - so perhaps half that?

still not great though!
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Re: Financial statement.

Post by YorkshireSquare »

As with any financial statement, what's there is really what the club want you to hear. there is a lot missing unless you go through the detail. I just see falling turnover and attendance and expect that to go the same way this year.

Spending on players had increased to £6m which was up from £2m the previous year but it is still not enough for a club that says it wants to challenge for promotion. All in all I see a shrinking club.

Also no mention of debt owed to GFH which is somewhat of an Elephant in the room.
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Re: Financial statement.

Post by lufc1304 »

Is this the 'financial good news' that the gobsh*te alluded to after the game last night? I make no claim to understand accounts, but turnover and attendances down and debt up doesn't sound that good to me.
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Re: Financial statement.

Post by mav »

again, depends on the debt - I pay more interest on my credit card debt than I do on my Mortgage despite the CC debt being a tiny % of the house loan.

Also, every time they "convert debt to equity" they devalue GFH a little more :)

This is spun to look positive but we will never know for sure.
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Re: Financial statement.

Post by gessa »

Shields53 wrote:
Also no mention of debt owed to GFH which is somewhat of an Elephant in the room.
I've read 2 figurea which aren't miles apart. £28M and £30M plus we are still paying them monthly consultancy fees, no idea what that figure is though, needs the full set of accounts to see that.
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Re: Financial statement.

Post by The Subhuman »

Can't we sell the elephant?
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Re: Financial statement.

Post by gessa »

It would be a good start
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Re: Financial statement.

Post by Durly »

faaip wrote:Can't we sell the elephant?
We did and replaced it with a snow leopard.
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Re: Financial statement.

Post by Drs.Dad »

According to the YEP, player sales (including McCormack's sale) are not included in these figures. It does seem to me that Cellino has been doing a good job with the club, and elsewhere has said that now the club is on a viable footing, they can look at recruiting plyers for the next step. Don't go thinking I am a Cellino apologist, I'm not, but I have to give him due for the improvement. Let's put it this way, when the FL ban him again, this club is going to be far more attractive to investors or purchasers, as it is now looking like MC has sorted out the convoluted maze of debt that Bates and GFH left behind.
:tup:
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Re: Financial statement.

Post by CSA »

faaip wrote:Can't we sell the elephant?
He's already been sold we are renting him back :tup:
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Re: Financial statement.

Post by YorkshireSquare »

Drs.Dad wrote:According to the YEP, player sales (including McCormack's sale) are not included in these figures. It does seem to me that Cellino has been doing a good job with the club, and elsewhere has said that now the club is on a viable footing, they can look at recruiting plyers for the next step. Don't go thinking I am a Cellino apologist, I'm not, but I have to give him due for the improvement. Let's put it this way, when the FL ban him again, this club is going to be far more attractive to investors or purchasers, as it is now looking like MC has sorted out the convoluted maze of debt that Bates and GFH left behind.
:tup:
Player sales are included in the figures, they have to be. They just weren't mentioned in the statement.
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Re: Financial statement.

Post by CSA »

Drs.Dad wrote:According to the YEP, player sales (including McCormack's sale) are not included in these figures. It does seem to me that Cellino has been doing a good job with the club, and elsewhere has said that now the club is on a viable footing, they can look at recruiting plyers for the next step. Don't go thinking I am a Cellino apologist, I'm not, but I have to give him due for the improvement. Let's put it this way, when the FL ban him again, this club is going to be far more attractive to investors or purchasers, as it is now looking like MC has sorted out the convoluted maze of debt that Bates and GFH left behind.
:tup:
Lovely to read a honest balanced opinion, without it/you getting torn a new one, long may it continue :tup:
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Re: Financial statement.

Post by The Subhuman »

Durly wrote:
We did and replaced it with a snow leopard.

still better than fish
"Never debate an idiot, they'll only drag you down to their level and they have the advantage of experience"
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