Professional Documents
Culture Documents
3. Operational Issues
a)
b)
c)
d)
4. Football
a) New Manager
b) Changes to Football Squad
c) New Players
5. Shareholders
a) New Shareholding structure
6. AOB
Leeds United Main Club Sponsor Proposal
Financials
Budget
Prior Year
Variance
Actual
Variance
000's
000's
000's
000's
000's
27,717
29,665
(1,948)
31,081
(3,364)
Cost of sales
5,844
7,858
2,014
5,582
(262)
Gross profit
21,873
21,806
67
25,499
(3,626)
Gross margin
78.9%
73.5%
5.4%
82.0%
(3.1%)
20,004
18,101
(1,904)
17,828
(2,176)
8,647
8,818
171
8,536
(111)
28,652
26,919
(1,733)
26,364
(2,288)
Operating profit/(loss)
(6,779)
(5,113)
(1,666)
(865)
(5,914)
3,907
3,907
3,698
209
Interest received
11
(11)
1,431
1,665
234
1,188
(243)
Depreciation - Trademarks
1,817
1,104
(713)
1,174
(643)
120
120
120
1,244
62
(1,182)
90
(1,154)
401
(401)
(401)
1,152
1,152
1,152
(6,731)
(8,064)
1,333
272
(7,003)
104
(104)
(45)
(149)
1,229
317
(7,152)
Financing costs
Amortisation - Players
Amortisation - COA
Interest paid
Exceptional items
Non trading expenses
Non trading income
Leeds United
Profit/(loss)
after tax
Prior Year
Actual
000's
29,623
33,097
(3,474)
6,190
6,559
369
Gross profit
23,433
26,538
3,105
Gross margin
79.1%
80.2%
(3.1%)
20,298
18,741
(1,557)
9,254
9,004
(250)
Total expenses
29,552
27,745
(1,807)
Operating profit/(loss)
(6,119)
(1,207)
(4,912)
3,907
2
0
3,699
0
11
208
2
(11)
1,431
278
24
1
1,817
194
50
1,249
940
604
24
1
1,173
194
50
98
(491)
326
0
0
(644)
0
0
(1,151)
(7,254)
(581)
(2,427)
104
(45)
(149)
(7,358)
(536)
(2,278)
Turnover
Cost of sales
Administrative expenses
Variance
000's
2012/13 (actual)
Av Home League
Attendance
26,500
21,572
Season tickets
12,500
11,156
Corporate sales
889
839
Match Categories
6 As
11 Bs
6 Cs
10 As
11 Bs
2 Cs
Player Wages
GBP 13.2m
Exceptional Items
Turnover
Cost of sales
Gross profit
Prior Year
Budget
Actual
Variance
000's
000's
000's
29,520
28,869
651
5,862
5,844
18
23,658
23,025
633
Gross margin
80.1%
79.8%
0.4%
15,574
20,004
(4,430)
7,886
9,048
(1,162)
23,460
29,052
(5,592)
198
(6,027)
6,225
3,907
(3,907)
(2)
1,400
1,431
31
2,189
1,817
(372)
Administrative expenses
Total expenses
Operating profit/(loss)
Financing costs
Depreciation - Fixed Assets
Depreciation - Trademarks
Amortisation - Players
Amortisation - COA
120
120
Interest paid
178
1,244
1,066
(3,690)
(6,731)
3,041
104
(104)
(3,690)
(6,835)
3,145
Prior Year
Actual
Variance
000's
000's
000's
30,077
29,623
454
6,190
6,190
Gross profit
23,887
23,433
454
Gross margin
79.4%
79.1%
0.3%
15,771
20,298
(4,527)
8,031
9,254
(1,223)
23,802
29,552
(5,750)
85
(6,119)
6,204
3,907
(3,907)
(2)
1,400
1,431
31
278
278
24
22
Turnover
Cost of sales
Administrative expenses
Total expenses
Operating profit/(loss)
Financing costs
2,189
1,817
(372)
Amortisation - COA
Amortisation - carriage licence
120
4
194
50
74
46
Interest paid
178
1,249
1,071
(4,087)
(7,254)
3,167
104
(104)
(4,087)
(7,358)
3,271
Variance analysis
Ticket office, Retail and Compass catering have a favourable variance all
due to an increase in attendance to 26,500 from 21,572
Central and First team both have favourable variances due to a decrease
in salaries
3,213.1
Jul-13
Aug-13
4,559.1
Aug-13
Sep-13
1,965.5
Sep-13
Oct-13
1,599.8
Oct-13
Nov-13
2,593.4
Nov-13
Dec-13
2,880.7
Dec-13
Jan-14
3,163.3
Jan-14
Feb-14
1,877.7
Feb-14
Mar-14
3,578.3
Mar-14
Apr-14
2,871.3
Apr-14
May-14
3,462.4
May-14
Jun-14
3,702.0
Jun-14
Total
35,466.4
Total
Total outflows
(5,712.6) (3,658.1) (3,639.2) (2,406.0) (3,178.1) (3,245.2) (2,529.3) (2,796.7) (2,879.4) (2,401.1) (4,177.0) (2,836.0) (39,458.6)
(2,499.5)
901.0 (1,673.6)
(806.3)
(584.7)
(364.5)
634.0
(919.0)
698.9
470.2
(714.7)
866.0
229.0 (2,270.5) (1,369.5) (3,043.1) (3,849.4) (4,434.1) (4,798.7) (4,164.6) (5,083.6) (4,384.8) (3,914.6) (4,629.2)
(2,270.5) (1,369.5) (3,043.1) (3,849.4) (4,434.1) (4,798.7) (4,164.6) (5,083.6) (4,384.8) (3,914.6) (4,629.2) (3,763.2)
(3,992.2)
% stake
53.50%
10.00%
36.00%
0.50%
100.00%
Debt
9.38
1.75
6.31
0.09
17.54
% stake
53.50%
10.00%
36.00%
0.50%
100.00%
Debt
2.14
0.4
1.44
0.02
4
Operational Issues
Shaun Harvey
Gwyn Williams
GW was made redundant from this position as Academy head and technical
director
On review of his conduct GW was then dismissed on notice for gross misconduct (
pornography and breach of confidentiality)
Seek
board Main
ratification
on Proposal
changes
Leeds United
Club Sponsor
David Haigh
Paul Hunt
Seek
board Main
ratification
on Proposal
changes
Leeds United
Club Sponsor
Staff Optimisation
Aim is to reduce staff cost by 40% which will be broadly
achieved once settlement costs are paid
Senior management staff have been let go GW, NP, YA, SH
Junior staff Redundancy program complete
Re-training for Safety Officer position to replace incumbent
Outbound sales
Positive PR
Group Sales
Dynamic pricing
Football
New Manager
Brian Mcdermott appointed in April and steered club away from relegation
Well-liked by the fans, media and peers
Presents a positive image
Engages well with staff
Thorp Arch appears to be a positive environment
Football Squad
Since the end of last season, 7 players have not had their contracts renewed
as they were not in the plans of the new manager.
Furthermore, Steve Morison was allowed to go on loan and 60% of his
wages are being recovered.
Four new players have arrived (Matt Smith, Noel Hunts, Luke Murphy and
Scott Wootton)
The arrivals have increased the wage bill to over GP 14.5m (budget is 10m)
The manager believes the squad is unbalanced and requires further
changes:
Too many left backs
Too many midfielders
No pace or width up front
Scott
Wootton
Age
24
23
30
22
Position
Forward
Midfield
Forward
Defender
Contract
Term (years)
Salary
Sign On Fee
Sell On
Needs updating from David
Seek
board Main
ratification
on Proposal
changes
Leeds United
Club Sponsor
Shareholders
Shareholder Structure
LUFC Holding
100%
Leeds United
Financial
Services Limited
Leeds United
Media Limited
Leeds United
Football Club
Limited
Leeds United
Centenary
Pavilion Limited
GFH
49.8
IIB
10
Envest
39.7
Other
0.5
Total
100
AOB