The financial position at Leeds United has stabilised compared to the disastrous stewardship of Gulf Financial Holdings, but many underlying problems remain.
The financial position at Leeds United has stabilised compared to the disastrous stewardship of Gulf Financial Holdings, but many underlying problems remain.
Massimo Cellino and his companies have brought assets back under the club’s control and have invested sums of money. That incoming money and player sales meant that a loss of £23m in 2013-14 was reduced to £2m. However, it is expected to increase again when the 2015-16 accounts are available.
The £24m turnover did not cover operating expenses of £37m and it is worrying that staff costs account for 85 per cent of turnover, well above the recommended 50 per cent figure.
Meanwhile, Massimo Cellino’s two sons, both directors of Leeds United, have engaged in a foul-mouthed exchange with supporters on social media. Ercole, the club’s director of merchandising, called one female ‘a whale’ and told her to stop eating after she shared a photograph on Instagram.
Edorado retaliated to a hostile post from a Leeds fan by calling him a ‘moron’ and said go ‘f*** yourself’. He has subsequently apologised, saying he did not know the severity of the words as English was not his first language.