Leeds United: What exactly is the state of play?

Article by e-Leeds Correspondent Gwyn Hughes

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As I write this post I am still a little confused about the situation at Leeds United. We have our present owner, the investment bank with no cash to invest GFH Capital who are relying on a potential owner, Massimo Cellino to pay for the running costs at the club, including the players' wages. This would indicate that GFH are in serious financial trouble and not in control of the finances of the club. Good job we have Cellino coming or Leeds would be back to where they were 10 years ago. Down a very big creek with an extremely small paddle.

But hang on, it isn't certain that Cellino will get the nod to take over because the Football League are procrastinating fools. They seem to be adopting a recurring policy that clearly indicates to the fans that once Cellino is cleared of one black mark on his copybook, another one resurfaces putting his take-over into jeopardy again. He seems to have as many skeletons in his closet as have the set of The Addams Family, and I'm wondering how many more closets he has. It was only a matter of time that something damaging would arrive at his doorstep once more. And this is exactly what has happened with him being charged with tax evasion recently over a bloody boat! If the FL wait enough they are bound to find something else to confront him with. This game they are playing has gone beyond ridiculous and is very nearly approaching the more sinister shores of conspiracy and corruption.

But I'm really alarmed at how GFH are conducting business. At the same time we have David Haigh reassuring everyone that there is no chance of Leeds going into administration. What is all that about? We can't pay wages but don't worry we are okay as we are? Who's going to pay the players' wages next month if Cellino doesn't take over? Has GFH thought that far ahead? This just doesn't make sense and especially when I hear that Leeds can acquire 4 loan players (2 having played for England) and signed the Irish wonderkind Robbie McDaid. Don't get me wrong I'm pleased with 3 of those and I'm glad that we have them for a while, but perplexed as to how we can afford to get them when we are up to our necks in financial mire.

I know that Cellino has probably stumped up the cash for these developments to happen, but I'm really worried (unlike David Haigh perhaps) that if we don't get Cellino as owner then how is GFH going to pay him back? I'd like to think that in the few weeks he has been associated with us that he will have developed a soft spot for Leeds and tell GFH to forget about the money. No, he will want his money back and I have a feeling that he will quickly lose any love he once had for Leeds just as quickly if he ends up out of pocket. If Ross McCormack had been sold last January I would have understood the reasons why, but the club turned down at least £6 million for him and then end up not being able to pay wages. Crazy!

At least GFH have given the FL an ultimatum by sending them a letter to hurry up with the decision. Not that the FL are worried about this 'forceful' approach by our intrepid owners. Having set the deadline for 'close of play' Thursday, we are now into mid-Friday afternoon and still no announcement from the Football League. So much for GFH flexing their muscles! Hope the players turn up against Millwall tomorrow because we need a win badly in case we get administered, again.

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