Leeds legend Giles is worried about the state of the club with Massimo Cellino involved.
The ex-midfielder said: “My biggest concern is not so much that Cellino owns the club but that if he didn't put his money into Leeds United, a great institution would probably have gone out of business.
“At some point, I reckon Cellino will walk away and my fear then would be what is left behind. There might be nothing left at all.”
That is certainly a worrying thought, and Giles has outlined the big problem not just with Leeds, but with modern football.
Due to the money in the game, any club that loses an owner will likely be left in disastrous consequences, and Leeds have felt that issue many a time.
Their reputation is so big that they will never struggle to find a new owner, but Leeds have the issue that, being in the state they were in prior to Cellino’s arrival, any one is able to walk in and take control.
Cellino has proven this season that a broken system is in place when it comes to the Fit and Proper test that potential buyers have to undergo, and if he was forced to pull out of the club - or leave willingly - Giles has highlighted the issue that would remain.
Leeds would once again find themselves on the brink of going out of business, and it is likely that they would only survive if another character such as Cellino came in to buy the club.
It is a cyclical situation in modern day football, and Leeds have found themselves to be big victims of the financial nature of the sport too many times already. The only way it appears as if they can break that cycle is if Cellino holds true to his word, and sticks by the club for the foreseeable future, rather than pulling out his support and leaving the Whites in tatters.