Mortgages, Debts & Losses: The Sorry State of United’s Finances Under Bates

It has been widely rumoured that Ken Bates will write no further programme notes after his valedictory musings in the New Year’s Day publication for the Bolton game. The outgoing chairman signed off with his usual hubristic mixture of triumphalism, inferences of malevolent forces at work and general business epithets – it was hard to know whether to laugh or … Read More

The Square BallMortgages, Debts & Losses: The Sorry State of United’s Finances Under Bates

AFTER THE ACCOUNTS: THE FOG IN LUFC’S FINANCES

The most interesting part of Leeds United’s 2010/11 financial returns, which have become available today, fall after the end of the accounting period. The filings take the assorted companies that make up Leeds City Holdings to the end of June 2011, but at the bottom of the very last page, is this:

‘Post Balance Sheet Events’: Leeds United Football Club Limited entered into an agreement whereby it sold season tickets for both the 2012/13 and 2013/14 season for a sum of £5,000,000 after the year end.

This, it seems, it the £5m facility that was referred to in the official sites reporting of the account headlines: “After the year end we entered into an agreement for a £5,000,000 facility to part fund the East Stand Development.”

The Square BallAFTER THE ACCOUNTS: THE FOG IN LUFC’S FINANCES