Sensei - we did not go into detail about that as a subject in its own right, but was effectively covered under a series of other points. Its clear to me, for example, that having to settle Harrisgate (and, more to the point, the massive legal costs - I suspect the lawyers made more out of us than Leeds ever did) must have played no small part.
The effects of the serious economic downturn have also clearly had a massive impact on the club. Clubs with rich owners just ask sugar daddy to write them a cheque. Leeds got their finances in order years ago and are on an extremely sound financial footing. Clubs without a sugar daddy have considerably lower outgoings than ours (shame our on-field performances over recent years did not match our cost levels!). We are in a sort of unique position of having costs more akin to the monied clubs but no backer to put the money in to even out the swings and roundabouts.
One thing that was specifically mentioned was the lack of play-off football. Seems the financial consequences of missing the play-offs are far more profound than many realise. Also seems no prize money at all now for those finishing outside the 8, and the top-two get a far bigger share than in the past when we kept winning things!
There was another issue we were appraised of that I'll not talk about on here, that led to an unexpected cash outflow in 2011. There may have been others. When you have been sailing close to the wind cash-flow wise for years (as I did keep telling people...) you don't have a lot of margin for error.
All-in-all, I believe a combination of things. No-one blameless, but most of the causes seemingly down to cumulating circumstances the club management had no control over.
