Leeds United’s debt will take years to pay off, says new owner.
Elland Road
Leeds United owner Andrea Radrizzani has issued a sombre warning that he will be paying off the club’s historic debt for several years.
Radrizzani completed his takeover of Leeds United this week, buying the 50 per cent of Massimo Cellino’s shares which remain.
Gone… former Leeds owner Massimo Cellino
There are hopes of a bright future at Elland Road that comes with with any new era, but Radrizzani will be somewhat hampered by the failure and mistakes of past regimes.
Speaking to Radio Yorkshire, Radrizzani insisted there is no quick fix.
He also issued assurances that he does not want it to interfere with the club’s goals, but it remains a frustration all the same.
The Italian media mogul said: “The club has still some debts to be paid, but I found the club like this and I will continue to deliver our duties for the debt.
“I found the club like this, there is not much I can do, unfortunately paying will take time for many years, and it will take time to get away, but it is important the club has new investment and structure, a new era of modernisation and development.”
The debts were there even before Massimo Cellino’s ownership, and for all Radrizzani’s predecessor’s faults, Leeds’ financial situation is better than when the former Cagliari owner arrived.
Radrizzani is well connected and has funding behind him and fans should be confident the Whites will eventually clear their debts. It shows what a poor situation they were once in, that in 2017 they are still ‘many years’ from being debt free.
Revie Stand, Elland Road
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