The Money Programme: Leeds United's Cash Crisis (2003)

In 2003 The Money Programme investigates Leeds United reported pre-tax losses of almost £50 million - the British Game's worst ever deficit.

[@ethanpower381]

9:52 When you look at your bank account after a night out with the lads

[@antcunningham1997]

That right just shows what an arrogant bastard Peter Ridsdale is.

[@rohithraman6488]

chelsea after we signed lukaku for 100m before loaning him back to Inter for 7m

[@azapro911]

Gambling that much on qualifying for the Champions League was utter stupidity, there's calculated risk and then there's torpedoing a club.

[@theone77443]

Calculated Risk👌🏾

[@darwincity]

Some European clubs have been quite brazen in pinning all their spending plans on that sweet Champions League check. PSV Eindhoven has been doing this for years, and it has pushed its sponsors, most notably Philips, into compensating the lost cash year in year out.

[@antcunningham1997]

It was a calculated risk that at the time backfired big time

[@saintgabbana187]

@@antcunningham1997 and now Barcelona is doing it. Hopefully they win a lot these next few years

[@antcunningham1997]

@@saintgabbana187 do you think barcalona got loans as well to buy all these players as well mate

[@sarnobat2000]

Thank you very much for uploading this. I've been looking for it for years.

[@peterkehoe1984]

We're still paying for it today. A decade out of the Premier League, a three year stint in League One and being stuck in the middle to lower half of the Championship. Massimo Cellino may be a lunatic but he's not half as bad as Ridsdale was.

[@paulgray7014]

Couldn't agree more mate had an endless list of shambolic owners Ridsdale, Mckenzie, Krasner, Bates, GFH, Cellino

[@dommidavros2211]

Don’t worry, it’s looking more hopeful for them now especially with the new “Don Revie” in charge!

[@UnitedPacci]

@@dommidavros2211 Theyre back in the PL

[@aammerahmed3866]

LEEDS are big locally & that is it. Manchester is bigger. Aammer

[@aammerahmed3866]

Leeds as a city & football club will be Manchester's shadow for a long time! Look forward to your reply. Aammer.

[@pls320]

We've ended up with Risdale at Preston, he's completely changed. We rarely spend and we have no debts at all looks like he's changed. Got a couple of Leeds legends in Grayson and Beckford

[@Freesmilesforeveryone]

9:51 for all FNG fans

[@johnny5805]

Imagine what Bielsa could have achieved with O'Leary's squad !

[@Killa026]

What would Ridsdale have done different, he says probably nothing... Hello, start by not signing Robbie Fowler and Seth Johnson, Leeds had the best young squad in the Premier League most of the team cost the club nothing, this muppet nudged up their wages and spent a fortune in the transfer market the only player Leeds made any cash on was Rio Ferdinand, he sacked Venables who cost the club 2 million, Robbie Fowler was still being paid 500,000 a year after he left for City.

[@shaquillesheppard4888]

the thing is the football club at the time was based on spending big on world class players. to hopefully make a push for the league title and champions league qualification. Now the thing with that I'd every season you would have qualifify to pay back your Dept's and keep investors happy and generate enough funds to maintain that level of spending. Which is a massive gamble to take every season it it was ought to collapse at some time there was no kind of stability.

[@davidevans5627]

@@shaquillesheppard4888 Whilst Ridsdale is a cockwomble (and I say this as a Cardiff City fan) there is some logic behind the spending - you do not win anything without big names, unless you re lucky enough to be able to grow 11 Xavi's/Iniesta's/Bale's to play. Leeds did have some good young players like Bridges and Mills etc. but there was pressure on them, and with pressure comes temptation. Even Manchester City will have to spend big in order to stay at the top, doesn't matter if Mansour ever went bust - the fans want, the fans get or they get upset and angry...

[@dommidavros2211]

David Evans - Well with the “logic” (as you put it) of spending well beyond your means, what the fans “get” is two relegations, a long spell in league 1 and after more than 15 years still no return to the premier league! There was no reason for that spending! They already had Smith, Viduka, Bridges, Woodgate, Robinson and Fowler etc. Selling Ferdinand for £30 million was the right thing to do at that time (£12 million profit). They had some decent players! Stability first, then once you ALREADY have money from the champions league, you then “spend big”! If you don’t qualify (as they didn’t anyway!) you just focus on financial stability! Remember they were gambling with other people’s money which makes it even worse! Utter morons!

[@ronb5714]

Ferdinand’s sale showed how screwed Leeds were. £30m in the bank, and yet the club remained in financial freefall. A single player gone, a vast squad, and yet the team started to crumble (they would have been even more pooched if they’d lost him to injury and not received a hefty fee). Most people point to the singing of Fowler and/or Johnson as where it went too far, but it may be that Leeds had gone far too deeply into debt long before then. Ridsdale has no shame.

[@antcunningham1997]

​​​@@ronb5714maybe if it wasn't for leeds ridiculous 60 million loan. Maybe leeds would have never have been in financial meltdown at the time. They could and defo should have managed the situation a lot better than they did cause the leeds board were numpties for the way they handled it and nearly risked the whole club going bust and out of business

[@terrywardley1890]

I find it strange how he struggles to acknowledge his stupidity..he finished 3rd with a great young team..signed Viduka and Dacourt..great signings..even signing Rio was a great signing..no need to sign fowler Keane and Johnson..if anything we should of signed proven quality centre midfielder...if batty or Dacourt were injured we were never the same team..which coincides with the loss of form we had and missing out on vital champions league finish..we had to many strikers all demanding to play..probably causing disharmony..the squad was so Imbalanced so recruitment was another reason the dream failed

[@charlesfelicia7867]

9:52

[@WildwoodClaire1]

I absolutely HATE listening to clowns ask themselves questions and then answer. It's merely a way "running out the clock" and preventing questions being asked that they DON'T want to answer. "Ridsdale wanted to make Leeds the new Manchester United," and he reduced the club to the new Doncaster Rovers.

[@KhanivoreQniba]

Ridsdale was horrendous from the first day to the last. I would gladly not have had the short term Euro glory nights and built over the years, who knows where we would be now? What a true, true monster he was.

[@GEricG]

Mist_ warrir I would think that Leeds would be competing with teams like Everton for top 6 and aspiring to top 4.

[@WildwoodClaire1]

If only goldfish and corporate jets could play football! The "dream" Ridsdale referred to was apparently "splash cash like an oil Sheik."

[@dansavage1217]

As a man utd fan i miss Leeds

[@JohnJohnson-et8lz]

dan savage we miss you lot too

[@Michael_Chandler_Keaton]

We miss u red bastards too mate

[@ay613]

We miss the danger years from 2000-05

[@leedsboy64]

Nice one Dan ALAW

[@lukewilson2931]

See you on 15th August when we stuff u and see if u miss us then leeds leeds leeds

[@portcullis5622]

I wonder if Peter Ridsdale has a portrait of himself in his attic that is getting thinner?

[@gary1chester]

In a way Leeds's fall from grace has spared them losing their soul to the money on offer in the premier league. Lets be honest, turning up to your seat with a corporate flag or scarf provided there for you to wave to create an atmosphere tells you what football has become. Leeds are a throwback to a time when clubs had a soul, they don't need embarrassing help like that. Wish they were back in the premier league though.

[@theunambiguous]

You sound like a guy who is thinking positive about the wife running off with your best friend as it saves money on the food shop

[@ronb5714]

It’s admirable how much self-awareness Peter Ridsdale shows here. No, sorry, not that. I mean the opposite of that.

[@speakfreeley4473]

After 16 years Leeds Utd are finally back in the top flight.

[@silkysheepzag8401]

I wish

[@speakfreeley4473]

@@silkysheepzag8401 They survived, JUST!

[@liamChalloner]

You probably came here for 9:45

[@localfox1000]

Leeds were absolute numpties in the way they handled their money. Thats why they lost it all.

[@antcunningham1997]

And now barcalona are doing they exact same thing what leeds did and that's being utter numpty with spending money, it could backfire big time if it goes tits up

[@johnboylfc123]

My brother is dating Peter risdale s daughter lol

[@InsCristea]

lol, was venables doing a jimmy savile impression? leeds, always a class act

[@thommohawk1216]

Here's the thing, if back then it was like it is today then we'd have been absolutely fine. But this was a different era in football, and we were the victim of the perfect storm of circumstances. I think most people in the position of having an established top 5 side with a fair amount of debts at that time would have gambled as well considering the carrot of Champions League money available at the time. And we actually did finish 4th that season but unfortunately it was only the top 3 at the time who qualified. The gamble simply didn't work out. Ridsdale was in no mans' land no matter what he did without that top 3 finish. We were just really unlucky with what happened to us. We needed to roll a 2 or above and we rolled got a 1. But they had no choice but to roll the dice. If I blame Ridsdale and O'Leary for anything it's things like the Seth Johnson transfer when we could have had Lampard for £1 million less at the time.

[@shanet5604]

4m,5m,300k ?? So you’ve a tenner in a pub and you’ve lost 9.30 ?? Just dropped in to say hello...

[@csag5193]

they arrived, yes peter, in the lower leagues.

[@rohithraman6488]

9:51 Chelsea after we signed Lukaku for 100m before loaning him back to Inter for 7m

[@natureclips5849]

It was so bad they had to hire a doctor !!

[@willpitts5223]

4:42 This might be the most damnable lie ever told by humans

[@joeybill9472]

Not really. No fan of any club would ask their club to run at a loss to get into the Champions League! Fans want their clubs to run properly off the pitch!

[@ramwinter2622]

This could be Chelsea in the near future.

[@undesignated3491]

Our cow shed is bigger than yours

[@reasetilo]

Barcelona headed here.

[@simonmaskell365]

Leeds got relegated. Thats what killed them. Lost the Sky millions

[@natureclips5849]

No being 80m in debt

[@ay613]

Cmon chelsea and juve against spurs tonight