From the Guardian:
Leeds count the cost of collapse
Michael Walker
Friday January 17, 2003
Paul Robinson, Jonathan Woodgate and Alan Smith are three players Leeds United would not normally countenance selling. As of yesterday afternoon all three were up for sale. Leeds fans will not like that but creditors and predators know it to be fact. If Smith were not a Leeds player through and through a move to join Rio Ferdinand at Manchester United would be completed very quickly.
The knock-on effects of Robbie Fowler's change of heart at Manchester City yesterday were felt immediately at Leeds, both the football club and the plc. The accepted figure regarding Leeds' debt is £77m. This will have to be paid off at staggered dates demanded by the banks. Last summer Leeds needed to pay off £15m and so Ferdinand was sold for £28m, rising to £32m. Premier League rules dictate that half of any transfer must be paid immediately and the remainder within 12 months, although this is loosely enforced. So Leeds were given £14m by Manchester United and found the other £1m elsewhere.
But there were new deadlines, hence the sale of Robbie Keane to Tottenham for £7m on the last day of August. Spurs would only have had to pay £3.5m up front. One financial by-product for Leeds was that two major wage earners were off the pay roll. This is also why Lee Bowyer was allowed to go to West Ham last week for a small fee and Olivier Dacourt went to Roma on the promise of money in June.
Fowler would have been another off the wage bill while bringing an instant £2m quickly rising to £4.5m. But not now and that leaves Leeds vulnerable. Newcastle, currently frustrated in their efforts to sign Daniel van Buyten from Marseille, could have been expected to rekindle their interest in Woodgate, and maybe not at the £10m price of January 1. But yesterday's news that Woodgate has a thigh injury that could keep him out for up to six weeks may remove him from the transfer shop window.
Middlesbrough showed the likely common response to Fowler's changed circumstance by ringing Leeds directly after the news became public yesterday. Boro and Leeds have been haggling over Seth Johnson for the past fortnight. Middlesbrough are offering £3.5m for the 23-year-old midfielder Leeds bought from Derby County for £7m 14 months ago. Leeds want £5m at least and the sale of Fowler would have left them able to resist Boro's low bid. Once again the power is back with the buying club.
In the midst of this is Terry Venables. As he tries to construct a team he can truly call his own, the manager has wanted to recruit. Presumably when he sat down with Peter Ridsdale last summer he was told that at a certain stage that would be possible. Venables wants to buy the Brazilian Kleberson and Leeds officials were in Brazil negotiating. It looks as though they will be returning empty-handed, maybe in economy class.
Leeds count the cost of collapse
Michael Walker
Friday January 17, 2003
Paul Robinson, Jonathan Woodgate and Alan Smith are three players Leeds United would not normally countenance selling. As of yesterday afternoon all three were up for sale. Leeds fans will not like that but creditors and predators know it to be fact. If Smith were not a Leeds player through and through a move to join Rio Ferdinand at Manchester United would be completed very quickly.
The knock-on effects of Robbie Fowler's change of heart at Manchester City yesterday were felt immediately at Leeds, both the football club and the plc. The accepted figure regarding Leeds' debt is £77m. This will have to be paid off at staggered dates demanded by the banks. Last summer Leeds needed to pay off £15m and so Ferdinand was sold for £28m, rising to £32m. Premier League rules dictate that half of any transfer must be paid immediately and the remainder within 12 months, although this is loosely enforced. So Leeds were given £14m by Manchester United and found the other £1m elsewhere.
But there were new deadlines, hence the sale of Robbie Keane to Tottenham for £7m on the last day of August. Spurs would only have had to pay £3.5m up front. One financial by-product for Leeds was that two major wage earners were off the pay roll. This is also why Lee Bowyer was allowed to go to West Ham last week for a small fee and Olivier Dacourt went to Roma on the promise of money in June.
Fowler would have been another off the wage bill while bringing an instant £2m quickly rising to £4.5m. But not now and that leaves Leeds vulnerable. Newcastle, currently frustrated in their efforts to sign Daniel van Buyten from Marseille, could have been expected to rekindle their interest in Woodgate, and maybe not at the £10m price of January 1. But yesterday's news that Woodgate has a thigh injury that could keep him out for up to six weeks may remove him from the transfer shop window.
Middlesbrough showed the likely common response to Fowler's changed circumstance by ringing Leeds directly after the news became public yesterday. Boro and Leeds have been haggling over Seth Johnson for the past fortnight. Middlesbrough are offering £3.5m for the 23-year-old midfielder Leeds bought from Derby County for £7m 14 months ago. Leeds want £5m at least and the sale of Fowler would have left them able to resist Boro's low bid. Once again the power is back with the buying club.
In the midst of this is Terry Venables. As he tries to construct a team he can truly call his own, the manager has wanted to recruit. Presumably when he sat down with Peter Ridsdale last summer he was told that at a certain stage that would be possible. Venables wants to buy the Brazilian Kleberson and Leeds officials were in Brazil negotiating. It looks as though they will be returning empty-handed, maybe in economy class.
