1 year on

OK Jamie. So it's three head coaches and one caretaker coach in between Hockaday and Milanic. I'll go with that

I think when cellino said that the club was debt free I think he may have meant that the debt restructure i.e restructuring the debt owed to GFH was it something like 20 mill which had to be paid back by a certain time...in 2 lots or something like that but they didn't look as though they reached agreement on this therefore the debt is still outstanding ?....by the way how the fook do we owe GFH so much ?

Harj, I'd hazard a guess that Cellino's failure to undertake due diligence gave GFH the opportunity to make "adjustments" to their books. One of MC's earlier statements was that they'd found holes in the accounts. Just a guess on my part.

"Bianco, it's never just a choice between GFH and Cellino."

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I know that, but GFH were in charge and now Cellino is, so is that better or worse?

5-1 down Jonty

I scored the 5th

Bianco, Cellino wasn't only choice, it's just GFH wouldn't speak to anyone else.

It's hard to think of any plus points for Cellino v GFH.

The fact he has a long track record in football should be to his advantage, but he's hardly made a better job of it in his first year than GFH did now has he.

I don't think he has done much better than GFH at all.

The difference is I think he genuinely relieved this is how a club should be run and how to get Leeds back into Europe. Whereas GFH were only here to screw the club.

The worrying thing is he is just so incompetent. I would say GFH probably had a better understanding of how a club should be run. They just didn't want to do it that way

Forgetting the situation last season with the HMRC bill, Enterprise, player wages etc. That was all paid through Cellino loaning the club money but is also pretty negligible compared to the rest.

I can't remember the exact figures but we owed GFH something like £20m. Cellino paid GFH this money and basically transferred the debt to himself. Now yes, you do have a point but you kind of put it wrongly. He's not going to ask for it back yet but it doesn't mean it's technically his because, whilst he owns 75% of the club, he can't just dip his hand in and say "Oh I'm just taking a fiver!" Doesn't quite work like that.

My main issue resolves around the current situation. Since the debt has not been paid off, regardless of who it is to we are still £40m in debt. The current situation could end up in Cellino having to leave the club on a permanent basis since he does have more incoming court cases which could result in another ban. If that happens I strongly suspect he'll call it a day instead of having to be disqualified for a year. In regards to his current DQ, he's said himself he will take it to the final appeal and even said that it often takes about 2 years. Fan unrest will grow in that period exponentially and he'll reconsider whether it's worth it. When he goes and new owners are (hopefully) performing due diligence they aren't going to see £40m owed to the club's owner, they're going to see £40m debt because Cellino will want that back.

I don't believe all of the debt is to Cellino, if memory serves me a small portion is still owed to GFH but that's negligible compared to what is owed to Cellino.

Personally? I'm not up for 2 years of court case after court case.

Bianco

If you read my leak article, I mention that Sports Capital were within 24 hours of sealing the purchase of Leeds United when GFH had broke the SPA and decided they were going to sell to Cellino instead. Obviously we know now there was an agenda behind that in that they never expected Cellino to get in in the first place and thought they'd get the club back on the cheap.

I don't believe all of the debt is to Cellino, if memory serves me a small portion is still owed to GFH but that's negligible compared to what is owed to Cellino.
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GFH are owed 21 mill