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Remarkable accounts show Leeds United could be paying GFH Capital debts until 2032

Leeds United Crest

If Leeds do not achieve promotion by 2019 then they will be paying off debts to GFH Capital for the next 16 years.

Leeds United's finances have been in the news this week and yesterday the full accounts for the year ending 30th June 2015 were published by Companies House.

There was plenty of interesting factors in the accounts. Leeds having to pay around £1 million to catering company Compass Services to end a contract agreed by Ken Bates, and the amount of debt owed to Massimo Cellino and his parent company.

However the most startling revelation relates to loans owed to previous majority owners GFH capital.

The accounts show that Leeds owe GFH £17.5 million.

That is to be paid off as follows. £3.5 million will be paid in annual instalments from June this year until June 2019. The remaining £13.5 million will be paid by Leeds United should they earn promotion to the Premier League.

If however that promotion does not come then Leeds will be paying off the remaining interest free debt in annual instalments from June 2019 until June 2032.

That is a staggering fact which will leave Leeds fans bemused at the GFH era and general events at the club once again.

For the next 16 years Leeds could still be paying off debt to GFH Capital if they do not earn promotion before June 2019.

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