Post by Macmoish on Nov 11, 2010 12:03:36 GMT
No debts, which I don't understand!
SKY
Bates pleased with finances
Whites supremo pleased club are balancing the booksLast updated: 11th November 2010
Bates: Pleased with finances
Leeds United chairman Ken Bates has expressed his delighted at the state of the club's current finances.
The Elland Road outfit were one of the first Premier League clubs to fall victim to overspending after racking up massive £121million debts at their peak.
Leeds' decision to 'live the dream' ultimately proved their undoing as an extortionate wage bill brought about fire sales which also led to two relegations.
The Whites have since been promoted back to the Championship and Bates insists the club have prioritised finances to ensure past mistakes are not repeated.
A number of clubs have suffered financial difficulties since Leeds' infamous fall from grace, none more so than Portsmouth, and Bates believes balancing the books is key.
Paying bills
"We made a profit last year. We don't owe anybody any money. We have a little bit in the bank, but not much," he told Sky Sports.
"We're paying our bills on time and have no debts. So that's the important thing.
"All football clubs are now realising it that you have to get your balance sheet and your profit and losses right first and then play football, otherwise as you're seeing every week you won't be able to play football.
"I never discuss business in specifics in public. That's a matter for Simon, myself and the rest of the board. Simon's always got what he's asked for so far. But then he's a reasonable man."
Leeds have made a decent start to life in the Championship and apart from a leaky defence the club are currently in the mix to contend for the play-off places.
Astute deals
Manager Simon Grayson has made a number of loan acquisitions and Bates doubts whether they will need to get out the chequebook in the New Year to bolster the squad.
"We have been heavily hit by injuries in the first part of the season," he continued. "At one stage we had 11 first-team squad players injured. That's why we went into the loan market, but they are coming back.
"We have a reputation for finding and producing players from the lower leagues and bringing them through - Davide Somma is an example. He bought a one-way ticket from America for a trial. He's now our leading goalscorer.
"Money isn't the answer. It isn't the total answer. It's a help. It's good management and good scouting."
Somma signed a new three-year deal on Tuesday and Grayson insists talks with Luciano Becchio, Neil Kilkenny and Bradley Johnson, who are all out of contract in the summer, are continuing.
"We're on with negotiations with the other three," he told the Yorkshire Evening Post. "I said a few weeks ago that some deals were closer than others to getting signed and Davide's was one.
"The others will develop if and when they're ready - when we decide it's the right thing to do and their representatives do as well."
www.skysports.com/story/0,19528,11095_6500324,00.html
SKY
Bates pleased with finances
Whites supremo pleased club are balancing the booksLast updated: 11th November 2010
Bates: Pleased with finances
Leeds United chairman Ken Bates has expressed his delighted at the state of the club's current finances.
The Elland Road outfit were one of the first Premier League clubs to fall victim to overspending after racking up massive £121million debts at their peak.
Leeds' decision to 'live the dream' ultimately proved their undoing as an extortionate wage bill brought about fire sales which also led to two relegations.
The Whites have since been promoted back to the Championship and Bates insists the club have prioritised finances to ensure past mistakes are not repeated.
A number of clubs have suffered financial difficulties since Leeds' infamous fall from grace, none more so than Portsmouth, and Bates believes balancing the books is key.
Paying bills
"We made a profit last year. We don't owe anybody any money. We have a little bit in the bank, but not much," he told Sky Sports.
"We're paying our bills on time and have no debts. So that's the important thing.
"All football clubs are now realising it that you have to get your balance sheet and your profit and losses right first and then play football, otherwise as you're seeing every week you won't be able to play football.
"I never discuss business in specifics in public. That's a matter for Simon, myself and the rest of the board. Simon's always got what he's asked for so far. But then he's a reasonable man."
Leeds have made a decent start to life in the Championship and apart from a leaky defence the club are currently in the mix to contend for the play-off places.
Astute deals
Manager Simon Grayson has made a number of loan acquisitions and Bates doubts whether they will need to get out the chequebook in the New Year to bolster the squad.
"We have been heavily hit by injuries in the first part of the season," he continued. "At one stage we had 11 first-team squad players injured. That's why we went into the loan market, but they are coming back.
"We have a reputation for finding and producing players from the lower leagues and bringing them through - Davide Somma is an example. He bought a one-way ticket from America for a trial. He's now our leading goalscorer.
"Money isn't the answer. It isn't the total answer. It's a help. It's good management and good scouting."
Somma signed a new three-year deal on Tuesday and Grayson insists talks with Luciano Becchio, Neil Kilkenny and Bradley Johnson, who are all out of contract in the summer, are continuing.
"We're on with negotiations with the other three," he told the Yorkshire Evening Post. "I said a few weeks ago that some deals were closer than others to getting signed and Davide's was one.
"The others will develop if and when they're ready - when we decide it's the right thing to do and their representatives do as well."
www.skysports.com/story/0,19528,11095_6500324,00.html
