Cellino

[Deleted User 728]

Copied from Facebook

Lufc annual losses are still £22.8m, Creditors owed after one year stands at £35.6m. @
Almost all of that debt is owed to GFH and Cellino (or Cellino-related companies).



Me again - I'm not sure, accounts usually befuddle me, but if the above is true, is it a case that Cellino hasn't invested much in the club but in fact loaned the club money, millions of £??

....And of course he will be charging interest! ....What a con!

I do hope you mean that in the French sense of the word

[Nic]

Copied from Facebook

Lufc annual losses are still £22.8m, Creditors owed after one year stands at £35.6m. @
Almost all of that debt is owed to GFH and Cellino (or Cellino-related companies).



Me again - I'm not sure, accounts usually befuddle me, but if the above is true, is it a case that Cellino hasn't invested much in the club but in fact loaned the club money, millions of £??

This IS the modern football business, it's how clubs do business! When an owner says they are investing money, it is a loan. So the question is are you trying to make out that Cellino is doing something different to other owners/clubs or did you not realise its what they all do?

I don't like that owners loan money to the clubs that they own and call it "investment" - if you own a company and need to invest money in, you do so in the hope of making it worth more in the long run, you don't loan yourself money to do it, yet in football this is the norm.

[Nic]

If you look at
http://www.theguardian.com/football/201 ... ub-by-club

shows size of loans that owners had "invested" into their premier league club

or from the Indy (http://www.independent.co.uk/sport/foot ... 12244.html)

The accounts of many clubs, such as Fulham, Aston Villa and Wigan, show that they are beneficiaries of loans from their owners, or rather usually other companies which also belong to their benefactors. On the face of it, this type of financing looks safe and cheap as it tends to come with a very low interest rate (often zero) and no urgency on repayment. The owners of Chelsea and Manchester City have even written off their soft loans of £701m and £305m respectively in recent months, making these two clubs debt-free.

[Deleted User 130]

Maybe it is, maybe it isn't the norm, but Leeds United is not a normal club and whatever the 'norm' is for others does not bloomin' apply to us when we are in so much trouble. And Nic, we are not a Prem team and therefore we are in real danger yet again, despite his assurances. Prem clubs are looked after, even when relegated. Okay, QPR are in trouble if they come down but otherwise, Prem clubs' finances have sweet FA to do with ours.

Amongst trying to pretend he is the fans' man and a saviour and never in a million years a dishonest man, he seems to have lied and deceived us, the fans he claims to respect.

Statements from Cellino such as (to the effect of) 'We are debt free'... doesn't that upset you just a bit, added to the huge debts we still have of course?

[Selby White]

If you look at
http://www.theguardian.com/football/201 ... ub-by-club

shows size of loans that owners had "invested" into their premier league club

or from the Indy (http://www.independent.co.uk/sport/foot ... 12244.html)

The accounts of many clubs, such as Fulham, Aston Villa and Wigan, show that they are beneficiaries of loans from their owners, or rather usually other companies which also belong to their benefactors. On the face of it, this type of financing looks safe and cheap as it tends to come with a very low interest rate (often zero) and no urgency on repayment. The owners of Chelsea and Manchester City have even written off their soft loans of £701m and £305m respectively in recent months, making these two clubs debt-free.

Interesting two of the Clubs mentioned Fulham & Wigan who are now in the championship and struggling. Villa are far from safe in the Prem and could easily be following them on their downwood spiral.
Parachute payments are great but can soon be spent if you have lots of players on silly Prem contracts and pay daft money in the transfer market.

[Sheepy]

Amongst trying to pretend he is the fans' man and a saviour and never in a million years a dishonest man, he seems to have lied and deceived us, the fans he claims to respect.

Again, I gave our chairman a chance, looked at the positives, took on board the negatives but hoped he would come good and do the right thing by the fans and above all, the club. Just like I did Bates, just like I did GFH.

Unfortunately though in my opinion Cellino has only proved himself to be a person who seemingly needs to be the centre of attention, sticks his nose into team affairs, brings in coaches, directors of football and players who have all been out of their depth and generally not good enough

In his short time at the club he has vowed to buy back Elland Road, promised us he would not flood us with Italian players and constantly informed us he was clearing debt and getting us back on our feet. Seems those were all lies.

The Football League have not helped, but it might just be that they have done us a favour unwittingly. I'm sure as soon as they realise most Leeds fans are now against Cellino, they will give him the green light to run the club.

[Deleted User 130]

Strumpy, whilst the FL is a really bad circus, their attitude towards Cellino has always been right imho.

That does not mean I hold anything but disdain for Harvey and a couple of the others at the FL but in this specific situation (Cellino at Leeds) they've been right. I have kind of sympathised with Cellino in this particular instance but in the end, he knew all along that he would be facing certain battles but it seems clear his arrogance supersedes any commonsense he should have possessed. That and the fact that GFH are even less trustworthy, just meant he was always hurling himself into a pointless and costly conflict which we the fans suffer most from. Plus of course the employees he binned because he had the best interests of the club at heart and wanted to save money.

[SiMamu]

Phil Hay ‏@PhilHayYEP · 5h5 hours ago
Today (April 14) was the date set down for Massimo Cellino's Range Rover tax evasion trial in Cagliari. We await news from Italy.

Phil Hay ‏@PhilHayYEP · 2h2 hours ago
Reports in Italy say Cellino's Range Rover tax evasion case has now been postponed until June 23:

[Deleted User 130]

Popey on Twitter has given all the details on this, yes it has been adjourned.

[Sheepy]

How does that country run? Seems everything gets put off to a later date. Very odd.

Or does that happen over here too?