Bates pleased with finances

Whites supremo pleased club are balancing the books

Last updated: 11th November 2010   Subscribe to RSS Feed

Bates pleased with finances

Bates: Pleased with finances

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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."

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Comments (16)

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Jason Telfer (Leeds United fan) says...

So what if Ken Bates has syphoned the Delph money into his own account he is the guy who spent 10 million on a club who were so in debt its not funny.If or when we get promoted we will be a club with a big fan base and no debt .Not many clubs in the epl can boast this and if ken gets treble his money who cares we will have new owners and premier league football.Dont knock this team they have only played just over a dozen games and every other team except cardiff/QPR are also struggling to put a run together.Next year judge them as they should be challanging for automatic promotion as the gate money should be ample for new players if required

Posted 17:10 13th November 2010

Glen Westerman (Leeds United fan) says...

to all the impatient leeds fans.bet ur glad u dont support any of the 15 teams below us.come use a bit of sense and give em a chance

Posted 20:55 12th November 2010

James Shea (Cardiff City fan) says...

It's pretty easy for bates to claim Leeds have made a small profit. I can't remember the last time they paid a transfer fee and after writing off somwhere around £70million debts by going into administration it gave them a nice starting point. Clubs like Leeds should realise that it is possible to pay ALL your debts and still remain competitive just as Cardiff have rather than take the EASY option!

Posted 13:40 12th November 2010

Marcus Gudgeon (Leeds United fan) says...

All I want to say is that love him or hate him, Ken Bates has done one hell of a job of sorting out the club's finances. And on the field we are a work in progress. Promotion shouldn't be rushed - we need to build the squad slowly and carefully in order to compete at the highest level. The main thing is we are moving in the right direction. Give it a couple of seasons or so, and we will be in with a shout for promotion, and once we are in the premier league, the club will be a lot more marketable and attractive to new investors.

Posted 13:09 12th November 2010

Steph Bb (Leeds United fan) says...

"A little money in the bank" Where has the Delph millions gone?

Posted 13:04 12th November 2010

Scott Nelson (Leeds United fan) says...

Adam what are you talking about Becchio isnt a championship player, he's been arguably one of the best players this season and his incredible work ethic and ability to challenge in the air is what makes him such an asset, plus he's well on his way to scoring more than his 18 goals he got a couple of seasons ago!

Posted 12:57 12th November 2010

Gary Hannah (Leeds United fan) says...

Theres no money for players? This is extremely worrying given the teams record since January this year. Make no bones about it Captain Grayson and his blind loyalty to sub standard players couldn't have come closer to costing Leeds promotion - by the skin of their teeth! No defence, a sub standard midfield and an over rated attack along with a disgraceful home record this season. But let's be grateful we have a few pence in the bank. It's just not good enough for a club like Leeds United!

Posted 11:44 12th November 2010

John Tebbs (Leeds United fan) says...

Bates' comments sound a bit like Leeds are being put in the shop window!

Posted 22:41 11th November 2010

Steve Bates (Leeds United fan) says...

Before we get carried away at slagging off Ken Bates, please remember the defeats to Watford and Doncaster and where we are now. I agree the defence is leaking golas but we would have taken the position we are in at the start of the season. The Home form will improve and when Grayson stops changing the back line and give the best four 3 or 4 games together that will get better. Disagree with the Becchio logic, i think he will get better against better opponents. Marchin On

Posted 22:40 11th November 2010

Steve Brown (Leeds United fan) says...

we need four ex-premier players,goalkeeper,central defense,central midfield and a forward who can score the odd goal and bring other payers into the game.just look back to 89 and 90,chapman, strachan,white!

Posted 19:10 11th November 2010

Stephen Brookes (Leeds United fan) says...

Anybody who doesnt give credit to Ken Bates knows absolutely nothing about how football works. Any club in debt eventually falls. He has saved us completely... I do however hope that we do bring in one or two 'quality' players in January. Experienced signings who know the league and not on loan - permanent.

Posted 17:59 11th November 2010

Harry Holgart (Leeds United fan) says...

It's a fairly detailed breakdown of our financial status bearing in mind that Ken doesn't like to discuss specifics in business in public! It's no wonder there's money sloshing around, given the ridiculous match ticket prices, the free transfers and loan signings thus avoiding transfer fees, the three restaurants/bars on or around the Stadium that chase the corporate dollar with seemingly little effect/impact on our ability to spend on the team. I realise that painting the stand, and getting rid of the rabbits at the training ground are essential expenditure requirements, but I might direct our glorius Chairman's gaze from his Monaco view to the awful sight of our sub-standard defence. I like his last chance saloon attitude to contract negotations as well, worked well with Jermaine, didn't it?

Posted 14:36 11th November 2010

Gavin G (Leeds United fan) says...

Sorry Jordan but thats more Bates propaganda that we would have ceased to exist. There were interested parties wanting to buy Leeds but waiting for us to go into administration first, they could have got the club at a fraction of the price Bates paid. Unfortunately he came in with a 10 million offer which Krasner and his cronies eagerly excepted because they knew they wouldn't get anywhere near that figure when the inevitable administation did arrive. Our biggest problem now is nobody will deal or invest with faceless owners and a man like Bates in charge, if he isn't the owner himself!

Posted 14:16 11th November 2010

Jordan James (Leeds United fan) says...

Adam we almost went bust, at the time every Leeds fan would have accepted a long and hard road back over the club ceasing to exist. That said people and more importantly football fans have short memories. I agree Elland Road and Thorpe Arch need to be acquired but lets learn to walk again before we start running.

Posted 13:14 11th November 2010

Arron Fellows (Leeds United fan) says...

I'm afraid I'm going to have to disagree with his highness Lord Bates here, we DESPERATELY need to bring in some new players in January. Our defence as it stands is god awful, and I'm sick and tired of us conceding just as much as we're scoring. I realise we don't have a lot of money, but there are improvements that need to be made right across the park; the free signings of Collins, Bessone, and Connolly have proved futile, and it's a testament as to why they were let go from their previous clubs. The midfield we brought up from League One, while I can't knock their work ethic and willingness to perform, simply aren't Championship players, same goes with Becchio; superb hard worker, but lacks the talent to succeed at Championship level. We need to take off the rose tinted glasses Mr Bates and be realistic. It's very lucky we're in the position we're in now. Conceding six at home is nothing to be proud of!

Posted 12:51 11th November 2010

Adam Hughes (Leeds United fan) says...

I like how he says we have a little in bank but not much. I would like to know how much of the funds he has raised from selling our players has gone into his off shore account which he is allways goin on about, and what ever happened to buying Elland road and Thorpe arch back?

Posted 12:08 11th November 2010
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