15 Jul 2014 11:29:07
just want to put to bed about the MC takeover of LUFC. This is all on YEP.

LUFC purchased for 35 million

11 million paid in cash from MC
24 million is historical debt that MC agreed to take on

10.5 has to be paid by the end of this year
13.5 staggered payments by December 2017

Re-structuring of debt

Exact details of the agreement are not clear but the YEP understands that the deal will wipe out a large portion of the £24m debt while changing the circumstances activating repayment of the remaining cash.

Both parties are very happy with the new deal

Cellino told the BBC: "I can tell you I have done a deal with GFH to sign in a few days' time which sorts out the historic debt. We are all happy.

views on a postcard to 'put that in your pipe doom sayers'

1.) 15 Jul 2014
15 Jul 2014 12:04:40
MC is an astute businessman with a passion for football. We should be thankful that passion is now channeled into LEEDS UTD. He sees the potential at our great club. When he leads us back to the top of the premiership it will be with firm foundations and level heads. He remembers the great team DR built and how revered around the world it was. I think this is his dream now, he has caught the LEEDS bug. We as fans have to get behind him and support what he is doing. Unity makes United. LEEDS UNITED.

2.) 15 Jul 2014
15 Jul 2014 12:09:25
Great post Spain.
It's pretty close to the deal I have seen.
There are of course the extra problems of Haigh and the Flowers money both of which had to be settled PDQ.
It would be very interesting to see the current monthly costs and how much MC is saving.
MOT with MC

3.) 15 Jul 2014
Great Post Hunter, in my opinion we are so lucky to have him . He is a football man and I can see already he has the energy and passion to drive us on . He is young enough to still be hungry for success, unlike a certain old guy from Monaco that just wanted to build up his retirement funds .Don't expect it to be plain sailing though it never is with us lol MOT

4.) 15 Jul 2014
15 Jul 2014 13:55:47
Massimo is a football man at the end of the day, not some Indian chicken farmer or an American billionaire who knows nothing about the sport. He knows what he's doing and I trust him to put us back on the right track.

5.) 15 Jul 2014
Well said Spain. I am tired of Dr Doom and the Doom Mongers on here. Don Cellino for me any day.

6.) 16 Jul 2014
Hi Spain
Explain the historical debt bit to me please

7.) 17 Jul 2014
Historical debt is the debt that LUFC had wrapped around it when MC purchased us. I do not know the breakdown of what party took out this debt but it was certainly here before MC. He just agrees to pay the bill he inherited.
Debts like
1m to inland revenue
1m to enterprise
1m to DH
the list goes on and on and on remember we were loosing 1m a month prior to MC