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Phil Hay: Andrea Radrizzani wrote off £21m Leeds United debt
Andrea Radrizzani reportedly wrote off £21million worth of loans owed by Leeds United which has given the balance sheet a more positive look.
According to the Athletic’s Phil Hay, the Whites only made a profit of £4.6million for the year 2020/21 – the latest accounts that have been released.
Speaking on the Phil Hay Show, Hay detailed the ramifications of this on the club and why they aren’t impressive numbers for them.
He said at 27:02 “The most notable things from the last accounts, against a total turnover of £171million, you had total admin expenses of £151million and the waived shareholder loans which were about £21million.
“We suspect it’s Radrizzani [writing off this debt] waiving off these loans after loans he’s put into this club as you remember in the Championship, he had to put up £1.5million a month to pay the wages. Adding them to the balance sheet can make it look like extra £20million in the account.
“The money isn’t technically there but you’re removing a liability which you eventually have to pay back.
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“But if you disregard it, the total profit in the 2020/21 season was £4.6million which barely buys you Wilfried Gnonto and in the grand scheme of things, buys you barely anything.”
In more ways than one, Radrizzani is proving to be the ideal owner, even though his reign at Leeds appears to be coming to an end.
Despite the turbulent times after the sacking of Marcelo Bielsa, Leeds fans still love him dearly as he’s done wonders for this club.
He knows all the debt he’s brought into the club and is looking to clear it off before the eventual big sale to the San Francisco 49ers.
He has taken this club back to the promised land and given the fans their best manager of the modern generation in Marcelo Bielsa.
There is plenty of goodwill in the bank for Radrizzani and even if Leeds had got relegated, fans would not attach too much of the blame on the Italian.
We cannot wait to see the 49ers usher in a new era at Elland Road and hopefully they can pick on from where Radz left off and take this club to the next level.
It will also be interesting to see how the redevelopment of Elland Road looks under their grand plans and we’re extremely excited at imagining the possibilities.
In other Leeds United news, an Elland Road-linked midfielder is now certain to leave his club in the coming weeks as a host of Premier League clubs are vying for his services.