In recent months, Leeds fans have once again had to put their accountancy hats on and try to decipher the in's and out's of complex financial and commercial matters. GFH-C it seems ran out of funds several months ago and relied on money from a combination of Flowers and Haigh to bankroll the club. Cellino gazumped the deal, thought he had bought the Whites, hadn't, but now appears to be the source of funds, ahead of the deal completing. Farnan has jumped up and down on the outside trying to get a look in, but largely being ignored, but where does this leave Leeds?
If the Football League fail to approve the Cellino bid, GFH-C are in trouble. Big trouble! Cellino has put money in, we assume by way of loans to meet the ongoing running costs and to pacify some debts. It is reported he has paid at least part of the money back to Flowers. If the deal cannot proceed, a lot will depend on how quickly he will want his money back - we suspect it will be a case of hours rather than months. GFH-C with no income, no reserves and no plan B will either be forced to hold a fire sale for the club, selling to the highest bidder and cutting their losses, or look to the protection of Administration to protect what assets they have.
Of course, the impact of a club entering Administration is the immediate deduction of 10 points. Leeds are currently placed in 12th in the Championship, 8 points adrift of the play-off's but 17 points ahead of relegation. With 14 games still to play, a play-off place is not beyond the realms of possibility, but dropping to 34 points would lead to a worrying few months in maintaining a place in the championship.
GHF-C won't be worried about that. As we have learned in recent weeks, the success of the football and 'doing the right thing' is not as high on their agenda as we perhaps once felt.
Whilst other bidders remain on the sidelines, most notable, Farnam and Flowers, it is anyones guess as to whether GFH-C would sell Leeds on the cheap if the Cellino bid stalls, or look to secure a better financial return using the administration route - or indeed if other bidders would want to pay an unrealistic asking price, knowing the price might drop were Administration to be entered.
On 44 points, Leeds look to be safe and the fans are still looking upwards toward the pay-off places, but dropping to 34 would really pile on the pressure and administration should be avoided at all costs, even if those costs include selling to a dodgy Italian with a trigger happy (manager) firing gun, but we are in the hands of the Football League and GFH-C might need to call on Administration if Farnan or Flowers don't ride up on a white horse with a reasonable offer for the club to give them the escape route they need.
The fact that we know at least two parties were previously attempting to buy the club is some consolation, as one may be prepared what GFH-C need, knowing the other is sniffing around.
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