GFH Exposed

You would think they would have known what they were buying. Obviously not. Clueless about football and business it seems

So they were borrowing money to pay the bills right from the beginning. Doesnt sound too clever to me. And........how long was this going to go on for and what if Cellino hadnt appeared on the scene. Makes you wonder just how deep in the p... we were going to end up

viduka
http://www.thesquareball.net/2013/01/07/mortgages-debt-losses-finances-bates/
This is a good overview of the state Leeds were in when GFH took over from Bates/Harvey. They inherited over 19m worth of debt. I think they were led up the garden path by Bates and Harvey, they were deceived to the extent the financial losses the club was experiencing, and they were ignorant of how much expenditure it would be required to run a football club. They themselves were guilty of telling fibs as well though, claiming GFH capital had experience in sport transactions, clearly this was made up, they acted like amateurs, like claiming Warnock was a 'legend' and was the reason they bought the club. But all in all, they have done a decent job, and Leeds is in a better position than when they took over. If things had continued the way they were under Bates, we were only heading for league one.

Whilst there's no doubt that our woes have been overstated in this latest expose, I'm hoping that those who still believed that GFH has been good for this club are stating to be more realistic.

Terrible owners who have attempted to milk this club from the start.

Shambles

What various people have done to our club over the last 10 years angers and infuriates me. Very sad reading indeed

Peak I did mention bates lending gfh monies for wages on ja606 last week.

This is main reason why fl wouldn't ratify sc business plan as they knew after purchase money there is no substance moving forwards.

Not sure how wage bill is now 2 mill per month after it was 17 mill in last accounts that would be massive rise.

Quelle surprise it ends on a quote from Flowers...

I wonder who is behind this 'news' report...? Wouldn't be a disgruntled failed bidder would it...?

Peak I did mention bates lending gfh monies for wages on ja606 last week.

This is main reason why fl wouldn't ratify sc business plan as they knew after purchase money there is no substance moving forwards.

The money was invested whilst Bates was still president.

Above comment is in reply to Jonty, forgot to cut off his comment and my reply.