Leeds in Financial trouble?

[Timmy Tour]

According to a mate of mine who supports Forest, someone who regularly posts up amazing accurate "inside" info on their supporters website, reckons that they were on the verge of signing Ian Harte on loan, paying a percentage of his wages, but had to delay to assess what the financial implications would be if Leeds went into administration. Then would Forest then be obliged to pay it in full, something they could not afford to do.

Anyone know anything about this and would it have an impact on how they fared for the rest of the season?

Leeds £60Million or £70million or £80million debt depending on which newspaper you read has been well documented.

They keep selling players but the debt never reduces. Im sure its something to do with a stupid loan they took out a few years ago and they are probably going to have to struggle through for another couple of years yet....

They were looking at the administration option has a way out to clear their debts and restart in a pretty similar way to how Leicester disgracefully pulled it off. >:

Laws are being rushed out to stop this kind of loophole so clubs couldnt do it again... ..so leeds probably wont be able to do that. It looks like another couple of years selling their best players to other clubs and several years suffering for their fans....


Couldnt happen to a nicer bunch......



"LEEDS ARE OUR FEEDER CLUB"
"LEEDS ARE OUR FEEDER CLUB"
"LEEDS ARE OUR FEEDER CLUB"
"LEEDS ARE OUR FEEDER CLUB"
"LEEDS ARE OUR FEEDER CLUB"
"LEEDS ARE OUR FEEDER CLUB"

[Matt]

They were looking at the administration option has a way out to clear their debts and restart in a pretty similar way to how Leicester disgracefully pulled it off.

Please start to explain that comment IMMEDIATELY. :evil

Please explain to me how on earth administration was an advantage to us?

Matt

As I understand administration in a football sense the club is allowed wipe clean most of its balance sheet debts by paying creditors (bar the preferential ones which is essentially the UK government for tax / social security etc) pennies in the pound. I know this is what Notts County did leaveing a lot of small businesses high and dry. I’m not sure did Leicster do this but I’d be surprised if they did not as it would financially be the smart thing to do if not necessarily the moral one. Deloitte and Touche incidentally have commented extremely unfavorably on this practice in their past reports on football finances in the UK a fact that in part has led to legislation being tabled which will tighten the rules on clubs being allowed to wipe ot debts by going into administration.

you mean you dont know matt?

i thought you were a leicester fan AND business minded

Wow an old member crawling out of the woodwork? Metaphorically speaking of course, I ain't calling you an old git as I can see your actually younger than me. Where ya been lately then Paul? Making a comeback?

dunno, i lurk cause this has to be the funniest place on the tiniternet. Sometimes though matt posts something so ridiculous i cant help replying

Fair enough mate, can't remember seeing you anywhere before but I've got a memory like ... erm ....er ..one of them things with holes in them:o


Ps You'd make Komps day if you posted in his new members thread in General Chat

quote Matt
and you wonder why we sing munich songs?

whilst i would love to educate you on just how Leicester managed to pull off one of the biggest financial cons in football, keep most of their team, develop a new stadium and gain promotion back to the premiership whilst EVERY other club close to administration is going the other way, unfortunately your comment on the RIO thread leaves me with 1 conclusion. You are not worthy of any more effort on my part. End of......

Back to the subject in hand.....i bet Leeds just couldnt believe their luck with the Morris story. Suspend immediately (i might be wrong but hoping to save a few quid perhaps....)



couldnt happen to a nicer club......

[GETT1NLOTS]

Yeah I have to agree with a lot that's been posted here about Leicester last season.

To be fair Matt I agree with a lot of what you say normally but Leicester did wipe off a lot of debts last year by going into administration - a well known fact by all who are in and watch football.

Forest on the other hand have had to SELL Jenas, Prutton, Hjelde, Rogers, Scimeca AND let Huckerby go back to Man City (now on loan to Norwich). Forest had as bad a debt problem as Leicester, but Forest sold it's best players and traded out of trouble.

Result = Forest lose thier best players and stay in Division 1 - Leicester keep theirs by going into administration and get promoted.

Leicester took the easy option and cost small business's and some people money and their jobs.

This post IS NOT about me being a Forest fan and you being a Leicester fan either Matt. To be honest, Leicester fans have always been much, much, much more bothered about Forest than we have about Leicester (we concentrate on Derby ) Besides I live in Leicester and like to see them do OK to be fair.

Simply, on this occasion Matt - you have spoken bollox!! (I think you know that as well!!!! )

[Norfolk Enchance]

BALDERS

You seem to find it amusing that Leicester nearly went bankrupt and Leeds are in financial trouble. Does it make you laugh to see any team struggling financially? or is it just the Leeds and Leicester situations that are funny? I wouldn't like to see any team go bankrupt and I feel for fans of teams who are in trouble.

I'd ask who you supprt but it doesn't really matter. Either way your a ******

chill m8y

i wasnt having a laugh at Leics...
in fact i have dug deep for a couple of local collections in my area for Bury and Oldham in the last few years.
I have regularly visited Wigan, Bury, Oldham and Stockport in the past when Utd havent been playing. Nothing could be further from the truth.

I think you need to re-read my post. My only satisfaction is at Leeds. I am a season ticket holder at Old Trafford and we have taken just about as much sh1t as i care to take from those so-called supporters. I have run the gauntlet of the tunnel at Leeds more times than i care to remember and i have never ever been to a more hostile threatening place in my life. The chants of Munich that we have had to put up with over the years has been unbelievable. Im sure you remember Strachan at Blackburn playing for Leeds shaking his head during a minute silence.

However i shouldnt have to justify myself. Your right i am a ****** but what i do in my own time is my business.

However Leeds have enjoyed more benefits than most, championship, european football etc....yet the idiots in charge foolishly believed they could compete financially with the big boys of europe.

I genuinely feel for the supporters of other clubs. Most of these clubs havent been mismanaged but shamefully robbed of TV money from ITV digital which they were promised.

[GETT1NLOTS]

Besides - with respect to all of you guys - Let's remember the forum is called 'football BANTER'????

[Norfolk Enchance]

I don't like the way you lump all leeds fans into one basket. I mean I regularly chant munich songs, hurl racist abuse and hunt down Scum fans to attack. But there are thousands of genuine fans and its not their fault their chairman @#%$ up or that they have some stupid players and fans.

If Man U were in a similar position I would have sympathy for their genuine fans.........all 6 of them (theres your banter Gettin)

[GETT1NLOTS]

Norfolk.

I hear you.

Do you not think it hurts to see Forest - a great side who won the European Cup twice in such a bad shape???

I empathise with Leeds, Leicester and any other club in that kind of position.

However it's like this.

Why do you think Man Utd fans hate Leeds fans and visa versa?

Why do you think Leicester fans hate Forest fans? (although Forest fans, truly, aren't that bothered about Leicester?)

It's all about RESPECT. At the end of the day the banter (tastless and not) is down to a grudging respect of the other teams capabilities.

I mean Liverpool and Everton fans are consumed for hate for Tranmere aren't they?

Take it as a backhanded compliment. Some Man Utd fans like to see Leeds in trouble because when you are STRONG - you are DANGEROUS (and visa versa).

That's why historically Forest have never been bothered about Leicester ( Matt)

Hi Gettin, It's me again.

Two things struck me about your posts above.

1. You say that hating another club is a backhanded compliment because you consider them to be strong and dangerous. Yet you say that Forest don't hate Leicester because they concentrate on hating Derby.

Derby? Strong and dangerous

2. The other thing that struck me is that you left the word "once" out of the sentance.

Do you not think it hurts to see Forest - a (this is where the word "once" should go) great side who won the European Cup

[GETT1NLOTS]

Ahh ONEDUNME...

The great tipster of the PL. (inside joke)...

'Hello' again.

Your point on number 2 is well founded and taken - 'once' should have been a word included - and, believe it or not, gramatically and unintentionally omitted.

As for point 1 - well you force me to annoy Matt and other Leicester fans perhaps.

The reason why Forest have a dislike for Derby is because

a) Brian Clough
b) They have won the top division once (ergo a grudging respect).

Leicester have won the League Cup

(shivvvvvverrrrr)

Whereas Leicester hate Forest because

a) We have won the top division once
b) We have won the FA cup twice
c) We have won the League Cup 4 times
d) We have won the European Cup twice.
e) We have won the European Super Cup once.

Now ONEDUNME....

Aren't you getting (and feeling) a little a bit sad and silly being proved to look silly taking me on??? :rolleyes

Coz I'm getting tired of beating you up intellectually ....

[Matt]

apologies for late reply.

Right then, all who have had a go at me over this, can u please explain what debts were wiped off that agve us a footballing advantage please?

Leicester kept thier players????????? forgot about Savage, Rowett, Piper etc have you??????

New stadium? The one that now we dont own and have to rent from an American bank, yeah great.

This really does piss A LOT of people in Leicester this does, we didnt wipe off our debts with administration at all, we struggled like @#%$ AND STILL ARE FINANCIALLY because of it.

People on here are starting to sound like buffoons like Warnock etc who were so jealous over our promotion that they resort to seedy un educated jibes.

Anyone feel free to give me the debts we wiped off that gave us a football advantage please because according to our chairman they are none.

good stuff from you there get1in, Sciemca wasnt sold though, he just was out of contract and wanted to come to a bigger club

and PAM, @#%$ OFF. Dont pop back for one post to have a go at me you prick.

and as for balders?? who?

[GETT1NLOTS]

Matt - I can't believe it took you so long to reply.

I also think I got off quite lightly in your rebuttal!!

As for the whole Leicester 'in administration thing' I stand by my comments on the whole. Their are certain advantages to a business that goes into administration as opposes to trade out of their problems. The details are complicated and a forum like this is not the place to go into such legal and financial machinations.

However one thing has to be said.

Whatever the advantages or disadvantages of going into administration nothing should be taken away from the Leicester players, coaching staff, manager or the clubs supporters.

In that respect they got promoted on merit and I wouldn't argue otherwise.

Matt
The Birse Group the builders which built the Walker Stadium issued a stock exchange statement back in July/August statement saying that it expects to incur a bad debt in the region of £5.5m as a result of Leicester's move into administration. That sum will now be reported as an exceptional operating charge (for that read whopping loss) in its interim results to 31 October 2002.

On a slightly less sympathetic note Eric Hall (Turd Boy Wise’s agent :x ) claims that Wise is owed nearly 2 million on his contract. Outside the revenue they are I think the two biggest creditors.

The total of Leicster’s debts when they went into administration was said in court by the administrators to be 28.5 million sterling. Much of this outside the two amounts above was owed to the British tax authorities (although I am not sure of the numbers). I’m sure if I could be arsed I could get a breakdown of the entire debt but to state as you do “we didnt wipe off our debts with administration at all” is plain and simply wrong. Maybe the firm that washes your team jersey’s didn’t get takien to the cleaners (no pun intended ) but I would be interested in the views of the shareholders of the Birse Group on Leicster if they get reduced dividends this year and/or see their shares’ value decline..

I’m sure Leicster like you say are still struggling with serious financial issues but administration was definitely a good move for the balance sheet.

On a personal note I'll be cheering Leicster this year has I am heavily involved ante post on Betfair for them to finish higher than Wolves