Wednesday, 4 November 2009

Welcome to hell, sorry Hull.

"We lived the dream”

Is what former Leeds United chairman Peter Ridsdale now rather infamously stated as his Elland Road empire crumbled around him. We’ve all heard the stories of the expensive pet fish in the office and Seth Johnson’s ridiculous wages but the long and short of it was that Leeds borrowed too much money and built up too high a wage bill, with no guarantee of funds to service the debt let alone pay it off.

Their dramatic decline should have been seen as a lesson to other clubs thinking of putting that next big transfer on the plastic. In this time of austerity, sensible fiscal management is the order of the day.

Adam Pearson seems like the sort of chairman who would follow such a policy – he has his head screwed on. He left Hull two years ago with no debt, a million in the bank, and a new shiny stadium. He has returned this week to find all his good work undone through two years of financial anarchy.

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