Post by QPR Report on Nov 28, 2008 7:41:46 GMT
Guardian
Football
Leeds United
'The past is now the past' say Leeds as club announces £4.5m profit• 'We are operating without being saddled with existing debt'
• Repurchase of Elland Road and training ground a priority
Tom Davies
Leeds United have announced profits of more than £4m for the 14-month period ending on June 30 this year, a period that included relegation, a spell in administration and the deduction of 25 points.
The League One club have released figures that show a turnover for the period of over £23m.
The club said in a statement: "The directors of Leeds United Football Club Limited are pleased to be able to confirm that the audited accounts for the 14-month period to June 30 2008 show a profit of £4,553,000. During the period the club made an operating profit before player trading of £902,000 from a turnover of £23,249,000.
"On the field the club are seeking to gain promotion to the Championship at the earliest possible opportunity and to continue strengthening the club's academy. Off the field, the directors have identified that the re-purchase of both the Thorp Arch training facility and Elland Road as a priority within the next 12 months."
Leeds' descent into administration after relegation to League One in 2007 was mired in controversy, with Her Majesty's Revenue and Customs initially challenging the club's company voluntary arrangement, Ken Bates gaining full control of the club and the Football League allowing them to start the 2007-08 season only if they were deducted 15 points. Leeds' challenge to the points deduction was rejected the following May.
The Leeds chief executive, Shaun Murray, said today that a line should be drawn under the past. "I think the results will come as a shock to the football world at a time when many clubs are announcing record losses," he said. "The fact is that we are operating without being saddled with existing debt from the past and it shows that the club can be run effectively and profitably.
"The past is now the past. It can't be pointed at for problems in the future."
www.guardian.co.uk/football/2008/nov/27/leeds-united-profit-football-league-one
Football
Leeds United
'The past is now the past' say Leeds as club announces £4.5m profit• 'We are operating without being saddled with existing debt'
• Repurchase of Elland Road and training ground a priority
Tom Davies
Leeds United have announced profits of more than £4m for the 14-month period ending on June 30 this year, a period that included relegation, a spell in administration and the deduction of 25 points.
The League One club have released figures that show a turnover for the period of over £23m.
The club said in a statement: "The directors of Leeds United Football Club Limited are pleased to be able to confirm that the audited accounts for the 14-month period to June 30 2008 show a profit of £4,553,000. During the period the club made an operating profit before player trading of £902,000 from a turnover of £23,249,000.
"On the field the club are seeking to gain promotion to the Championship at the earliest possible opportunity and to continue strengthening the club's academy. Off the field, the directors have identified that the re-purchase of both the Thorp Arch training facility and Elland Road as a priority within the next 12 months."
Leeds' descent into administration after relegation to League One in 2007 was mired in controversy, with Her Majesty's Revenue and Customs initially challenging the club's company voluntary arrangement, Ken Bates gaining full control of the club and the Football League allowing them to start the 2007-08 season only if they were deducted 15 points. Leeds' challenge to the points deduction was rejected the following May.
The Leeds chief executive, Shaun Murray, said today that a line should be drawn under the past. "I think the results will come as a shock to the football world at a time when many clubs are announcing record losses," he said. "The fact is that we are operating without being saddled with existing debt from the past and it shows that the club can be run effectively and profitably.
"The past is now the past. It can't be pointed at for problems in the future."
www.guardian.co.uk/football/2008/nov/27/leeds-united-profit-football-league-one