Financial statement.

[hector]

How about the threats to his daughter? and family?

[Wolfetoneleeds]

So a protest that happen years ago over the wrong doing over a manager (sorry it had to be head coach) is your back up argument for him putting tickets up out of spite?

[Wolfetoneleeds]

How about the threats to his daughter? and family?

Ahhhh I see, so a few fans have done this, we don't know if they go to elland road or are even bothered with Leeds as a club! That.. Has nothing to do with the innocent fans that he has mocked!!
That is ridiculous

[Crude]

Ahhhh I see, so a few fans have done this, we don't know if they go to elland road or are even bothered with Leeds as a club! That.. Has nothing to do with the innocent fans that he has mocked!!
That is ridiculous

Bates openly mocked supporters for years, though it took yonks for anyone to really get upset about it. Cellino was giving as good as he got it from a group of supporters. How dare he give it right back! Unprofessional, yes, but no one ever said MC was one to turn the other cheek and move along quietly. I think there's a difference.

[mav]

It hasn't been quiet for the last 3 seasons, what we got going was better than away days FACT!
But pie tax, segregation, mocking the south had out people off, who could blame them

Only been to 2 games this season so far, both went.

Kick off = Loud
5 mins in = A few shouts of we are s**t
10 mins - WACCOE
15 = silence

etc etc

[hibbi86]

Ahhhh I see, so a few fans have done this, we don't know if they go to elland road or are even bothered with Leeds as a club! That.. Has nothing to do with the innocent fans that he has mocked!!
That is ridiculous

Unfortunately Wolfe all fans are tarred with the same brush even if it is only a minority that goes for pretty much any incident.

that one fan thats pushed kirkland = All Leeds Fans Are Vile Animals and should be banned from all away grounds

there are probably countless other examples of this but i dont feel i need to stress the point much more.

[woodfordwhites]

Leeds United's accounts are being "processed" at Companies House & will be available in about 5 days time.

[1964white]

Leeds United's accounts are being "processed" at Companies House & will be available in about 5 days time.

I get my accountant to peruse it

[woodfordwhites]

I get my accountant to peruse it

I hope he is a good jewish accountant

[MOTliam]

Full accounts just been released. Link via Phil hay on twitter. On phone and at work so can't link right now. Anyone fancy making sense of it all for me? I'm being lazy

[Gurj]

Bottom line is it doesnt paint anwhere near as rosy a picture as the LUFC statement did last week.

Our Turnover was £24m but is massively outweighed by a figure of £37m for Cost of Sales and Admin. In other words there is a lot more going out than coming in. Not sustainable in the long term at all.

The other thing that the accounts have made clear is the huge debts that we still have with GFH although it looks like much of it has been factored against us getting into the prem. If we dont go up by 2019, we have to pay a total of £13.5 spread between 2019 and 2032 !

We had to pay £1m to Compass Services to get out of the Bates agreed catering deal.

But for the sale of Ross McCormack our loss would have been around £12m not £2m.

[mav]

despite all the debt, it looks like the right things are being done.

The debt is largely owed to directors, who appear to be charging zero interest.

it is going to take years to get through all this though.

[weasel]

I think the upshot is that the club is still trying to get itself on an even keel. Years of financial mismanagement since the Ridsdale meltdown has seen the club stripped of any assets and various 'dubious' practises have meant that the club has debts everywhere that were hidden.

As such we are trying to compete with other clubs but have 1 arm tied behind our back and 1 leg stuck up our ar$e. We cannot compete at present with the likes of Bournemouth and various other 'tinpot' clubs that don't have debts and own their own facilities. All they need to worry about is balancing what they spend on wages and transfers against what they earn (albeit I think Bournemouth would have been subject to a Financial Fair Play ban if they hadn't got promoted).

[woodfordwhites]

On the Club’s Operating Costs:
1/ Turnover fell £872,000, a fall of 3.4%
2/ Gate revenue increased by £200,000, an increase of 2.3%
3/ Merchandise income fell by £857,000, a fall of 15.5%
4/ Cost of sales fell by £2.29m, a fall of 37%
5/ Profit from selling players was much more than I expected at £9.8m
6/ No tax was due to be paid this year
7/ Commercial revenue held up better than expecting and fell less than 1%
8/ Overall wages headline figure (as oft quoted by the national press) fell by £2.3m to £17.8m
9/ It is important to remember that the headline wages figure of £17.8m includes salaries of 69 administration/management staff, 351 matchday staff and 12 football management personnel. Also included in this headline figure is £1.2m for redundancy and ex-gratia payments made. Actual wages spent on players will be much less than £17.8m but is not specified in the accounts
10/ Directors remuneration fell from £522,000 in 2014 to just £17,000 in 2015
On the Club’s Assets and Liabilities
1/ A surprise to me is that GFH wrote off £914,000 of debt previously due to them
2/ GFH have agreed not to charge interest on their remaining loans
3/ As a result of this the Club made a profit on loan interest instead of £2m loss last year
4/ GFH have been repaid £3m of their outstanding debt and their debt reduces now to £17m
5/ Eleonora Sport swapped £6.5m of their debt for shares in the Club
6/ Eleonora Sport were also repaid some
of their debt in cash and are now owed £4m
7/ M. Cellino had previously made a loan of £1.3m to the Club in 2014 which was repaid in cash during the year to June 2015
8/ Short-term and Long-term liabilities were £54m in 2014 and are now £44m
9/ GFH have agreed to accept repayment of their £17m in annual instalments up to 2032 (seventeen years) unless the club is promoted when most of the debt becomes due immediately
10/ There are a number of legal claims against the Club and no provision has been made for these in the accounts. No potential cost is given
11/ There are a number of claims against the Club from HM Revenue and Customs and no provision has been made for these in the accounts. No potential cost is given
12/ The Club is operating without a significant overdraft at the bank (max of £36,000 during the year
On Cashflow
In rounded numbers:
1/ Club spent £10m more cash on Administrative Expenses than it received as Income
2/ Club spent £6m cash buying new players
3/ Club got back £10m cash from selling existing players
4/ Club got £10m cash from Eleonora Sport and GFH buying new shares
5/ Club spent £5m cash repaying loans to Eleonora Sport, M. Cellino and GFH
6/ Net effect of cash movement was to end with £1m less cash than it started with
On the Club’s Ownership
1/ During the year the Club issued 14.5m new shares
2/ Eleonora Sport took 6.5m shares and cancelled £6.5m of their debt
3/ 8m of these new shares were purchased for cash; 3m in May 2015 and 5m in June 2015
4/ GFH (via UK Investment Company) acquired 3m of these new shares
5/ Eleonora Sport acquired the remaining 5m shares
On Eleonora Sport
1/ Eleonora Sport own 83.6% of share capital of Leeds United Football Club
2/ They also own 75% of share capital of Leeds United Media Ltd and Leeds United Conference and Events Ltd
3/ The total investment made in acquiring these shares is £30.7m
4/ The net book value of their holdings in LUFC and the other two companies is £30.7m
5/ Eleonora Sport have £7m cash in the bank

[Crude]

These numbers have been ALOT worse prior to Cellino. While things could definitely be better, there are lot of clubs doing far worse.

[YorkshireSquare]

These numbers have been ALOT worse prior to Cellino. While things could definitely be better, there are lot of clubs doing far worse.

The were also a lot better for a long spell under Bates, these are not good numbers and without the likes of McCormack and Byram to sell in the future I fail to see where the shortfall to cover the £1 million per month losses is going to come from.

[YorkshireSquare]

A good overview on it all;

http://www.thecitytalking.com/tsb-195-l ... attention/

[mav]

I fail to see where the shortfall to cover the £1 million per month losses is going to come from.

The wage bill is under 13 million now and shaving the rest out of a £33m admin cost should be easy enough.

[YorkshireSquare]

The wage bill is under 13 million now and shaving the rest out of a £33m admin cost should be easy enough.

But Cellino has already indicated that this years financial position will be worse than last. Average attendance is dropping, season ticket sales will fall again.

And it's all very well saying the wage bill has been reduced but that means we are not going to attract the best players, an average of £12,500 a week across a 20 man squad. Is that high enough to attract the kind of talent to get us promoted? Will we have the kind of money available to us to afford the transfer fees?

[weasel]

The were also a lot better for a long spell under Bates, these are not good numbers and without the likes of McCormack and Byram to sell in the future I fail to see where the shortfall to cover the £1 million per month losses is going to come from.

In theory perhaps but so many shady deals and debts being hidden that I doubt we actually were. Don't forget that when we went into administration there is no way that the companies that were owed millions were going to write it off but there would have been deals left, right and centre so Bates's cronies still got their money after admin and the only people to get shafted would have been the smaller local companies and anybody else that was owed money but didn't have links to Bates.

I just hope that the current accounts are a more honest set and include everything. If I was in Cellino's shoes there is no way I would be pumping money into Leeds until I had sorted out all the financial mess first.