New Leeds United owner Massimo Cellino has bemoaned the level of debt he has taken on since buying the Championship club.
The Sardinian businessman has described the early stages of his Elland Road tenure as ‘unbelievable’ and ‘impossible’ and held a meeting with members of the Leeds United Sports Trust on Monday to clarify the current situation to fans.
“Mr Cellino pulled no punches when he explained he had taken on huge debts,” a statement by LUST reads.
“He went into substantial detail and provided supporting documentation on expenditure.
“While it is not sensible or practical to list all the sums given, Mr Cellino left us in no doubt about the size of the task and the seriousness of the position the club is in.
“There are two examples he gave that can be relayed to demonstrate the gravity of the situation.
“Firstly, Mr Cellino told us that the club is spending well over £100,000 a day on operating.
“Secondly, he informed us that the upcoming season ticket sales had been mortgaged prior to his arrival, but since taking over he had settled the loan in question.”