Leeds United chairman Ken Bates has explained where the money from the transfers of Kasper Schmeichel and Max Gradel has gone as well as pushing the boat out on the wage bill.
Bates spoke in his programme notes ahead of the game with Ipswich Town last weekend and said there was a £2 million overspend on player wages.
He says that the club are pushing the boat out on player wages on a squad of 28 players, one of the largest in the championship, as he often likes to point out.
Speaking on Yorkshire Radio, Bates said, “Our wage bill at £9.5 million is one of the highest in the championship. It is not the highest because you have teams like Middlesbrough, West Ham and Birmingham who are still running down their Premiership wage bills and wage contracts because they were foolish enough not to include a relegation clause in the players contract, which is now becoming general practice.
“At £9.5 million we are pushing the boat out and I have explained before how the money is spent, whether it is spent on transfers or wages, it doesn`t matter, it is still spent and that is up to the manager to decide.
“I thought it is worthwhile pointing out, the wage bill at the moment is going to be £11.75 million instead of £9.5, that is 23% over budget.’
Fans have often questioned where the money from the sales of players has gone with most players coming in on free transfers, loans or undisclosed fees.
Schmeichel and Gradel both left in the summer and Bates says the money from the sale of Schmeichel has already been spent, whilst the money from Max is still available but not as much as some people would like to think
“People ask where the transfer money as gone, Schmeichel`s money went on Lonergan and Pugh and with the 5% levy, agents fees, yes the agents fees, that about evens itself out.
“The Max Gradel money, which we got from St Etienne. Well first of all we have only had half of it anyway. Secondly, Leicester City including a 17.5% sell on, so we do not get as much out of it as you might think and as we are being paid in euros, because they are a European club. The pound has strengthened against the euro, so as when we did the deal, it was about 1.10 euros to the pound and it is now about 1.20 euros to the pound, so we have probably lost about 7% of the total value.
“That money is still there and that money is in the pot and when it is spent it will be spent wisely,” continued the Leeds chairman
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