It would appear McKenzie has a tough task ahead as their
annual accounts show losses of £49.5 million to
the year ending June 30.
Leeds,
who are languishing near the foot of the table, announced
turnover fell by 21 percent to £64 million and
debt stood at £78 million, from £77.9
million a year ago.
The
Whites have been in dire financial strife for some
time, being forced to offload star names like Rio
Ferdinand, Jonathan Woodgate and Harry Kewell, but
the sales have failed to make a hole in the mountain
of debt.
The
post-Peter Ridsdale era has seen McKenzie implement
stringent cost-cutting measures, which he claims have
helped the situation.
"We
have taken £20 million of costs out of the business
and rebuilt the management team," said McKenzie.
"As such, it is now possible to begin to look
forward with some confidence."
McKenzie
has admitted the results do look poor, but feels there
is light at the end of the tunnel.
"You
have taken the past bit and I understand that, it
is a poor result indeed," he told Sky Sports
News. "But my team was brought in on April 1,
so we only had three months to turn it around.
"We
have taken £20 million of costs out of the equation
and are now at a break even point, but with regard
to capital and interests we have to discuss that with
our major creditors.
"It
is very early in the year to start talking us down
and there is more investment coming in, as well as
a wider search for investors."
When
asked if the threat of administration is still a consideration,
McKenzie added: "I would say that is unlikely."
McKenzie, meanwhile, has become the club's non-executive
chairman, with former Chelsea chief executive Trevor
Birch taking up the same role at Elland Road from
November 1.
Commenting
on Birch's appointment, McKenzie added: "He will
become responsible for the day to day running of things
and has vast experience of difficult financial situations."
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