Posted by sean on January 12, 2005 at 11:04 am in Leeds United with No Comments

This time in 2003 both Leeds United and Chelsea had massive debts and looked in real trouble. Two years on Chelsea’s debt seems a thing of the past and are enjoying playing Barcelona in The Champions League. Leeds still have the debt and are playing Brighton in The Championship.

Many may argue this is very unfair, especially as Chelsea were only saved by a Russian billionaire willing to invest his fortune in the club and not by careful restructuring and asset sales (which Leeds have done to half their debt).

For over a year now Leeds have been linked with many takeovers, a white knight who will pile millions into the club, wiping debts, eradicating the threat of administration and bringing back glory days. There’s been rumours of billionaire Sheikh’s from Asia, rich Americans, grandchildren of supermarket founders and now the ex-Chelsea owner Ken Bates.

Unlike most of the rumours, the Ken Bates one was immediately wiped out, which is a good thing. Ken Bates hasn’t had great history with football clubs and as a Leeds fan even with their poor financial state I wouldn’t want Master Bates involved. Besides which he looks like Captain Birds Eye.

“Try my new fish fingers kids!”

Sebastian Sainsbury who gave all Leeds fans so much hope of a takeover back in November is back in the news. He is still discussing purchasing Leeds United (hopefully NOT with the intentions on building the worlds largest Sainsbury’s supermarket on Elland Road).

After everything I have heard though I will be really surprised if anyone buys the club in the state that it is currently in. I now believe that Leeds United will be in administration, sooner rather than later. I don’t think administration will equal the death of the great club due to the fanbase and revenue from ticket sales, but it won’t be good news at all.

It’s going to get worse before it gets better. But it will get better. One day.

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