Though the extent of Leeds’ problems fluctuates from minute to minute, Duncan Young has tried to get a grip on it all
The conspicuous problem for Leeds is that not only do they not have the money to pay back their debts, they do not even have enough to maintain the obligations that must be met now. As recently revealed by chief executive Trevor Birch, a £60 milli0n loan is already secured against the stadium, a £3.5m debt is secured against the training ground and most of the key players are leased from a company in Jersey. Football finance expert Professor Tom Cannon of Checksure, an organisation that provides credit ratings on companies, describes this not unreasonably as “testing securitisation to its limits”. Even the status of the three valuable players that Leeds might actually own is in doubt, though selling even one would be tantamount to running up a white flag in the eyes of Leeds fans.