Leeds United has a rich history, first founded in 1919. Then
Leeds United was named Leeds City. Leeds United won the FA cup in
1972, the League cup in 1968, won the 1st divison 3 times and the
2nd divison 3 times and the UEFA Cup winners
in 1968 and 1971.
2001–2004: Financial implosion
O’Leary’s Leeds never finished outside of the top five, but
following their defeat in the UEFA Champions
League 2001 semi-final against Valencia their fortunes began to
change. Under chairman Peter Ridsdale, Leeds had taken out large
loans against the prospect of the share of the TV rights and
sponsorship revenues that come with UEFA
Champions League qualification and any subsequent progress in the
competition. Leeds signed Robbie Fowler and Seth Johnson for large
fees and big wages.[citation needed] However, Leeds narrowly failed
to qualify for the Champions League losing out to 4th place to
Newcastle United, and as a consequence did not receive enough
income to repay the loans. The first indication that the club was
in financial trouble was the sale of Rio Ferdinand to Manchester
United for approximately £30 million. Ridsdale and O’Leary publicly
fell out over the sale, and O’Leary was sacked and replaced by
former England manager Terry Venables.
Leeds performed badly under Venables, and other players were
sold to repay the loans, including Jonathan Woodgate, who Ridsdale
had promised Venables would not be sold. Other star players such as
Lee Bowyer, Nigel Martyn, Robbie Fowler, Robbie Keane and Harry
Kewell were also sold over time, with Kewell’s departure under
rather acrimonious circumstances.
Tensions mounted between Ridsdale and Venables. Although some
players had left, the team was still underachieving given the
quality of players remaining. Venables chose to leave out the likes
of Olivier Dacourt and David Batty, who had been two of Leeds’ star
players in the years prior. After a string of poor results and
Leeds in the bottom half of the table, and with relations between
chairman and manager still strained, Venables was eventually sacked
and replaced by Peter Reid. During this time Ridsdale had resigned
from the Leeds board, and was replaced by existing non-executive
director Professor John McKenzie. By this time Leeds were in danger
of relegation, but Reid saved Leeds from the drop in the
penultimate game of the season.
Reid was given a permanent contract at Leeds the following
summer. Due to player sales, lack of funds, and the failure to land
targets Paulo Di Canio, Patrick Berger and Kleberson, he brought in
8 players on loan. This policy was not a success, with players such
as Roque Junior failing to live up to their reputations. An
unsuccessful start to the 2003–04 season saw Peter Reid dismissed.
Leeds were in turmoil with talk of dressing room unrest and poor
performances on the pitch. Head coach Eddie Gray took over as
caretaker manager until the end of the season.
Gerald Krasner, an insolvency specialist, led a consortium of
local businessmen which took over Leeds and under his chairmanship
oversaw the sale of the clubs’ assets, including senior and
emerging youth players of any value. Gray was perceived by many to
be largely blameless for the performance of the team during the
2003–04 season as the majority of the squad was sold out from
underneath him and despite his efforts, Leeds were relegated after
14 years in the top flight.
Following relegation, Gray’s reign as caretaker manager was
ended, and the then assistant manager Kevin Blackwell was appointed
manager, his first managerial job in football. A mass exodus ensued
as most of the remaining players were sold or released on free
transfers to further reduce the high wage bill. Star players such
as Mark Viduka, Dominic Matteo, Paul Robinson, Alan Smith and James
Milner were all sold for relatively reduced fees. Blackwell was
forced to rebuild almost the entire squad through free transfers.
Leeds were eventually forced to sell both their training ground,
for £4.2 million, and their stadium in the autumn of 2004.
2004–2007: Play-off misery and relegation
The board finally sold the club to Ken Bates for £10 million.
Blackwell stabilized the team by signing players on free transfers
and low wages and Leeds finished the 2004–05 season mid-table in
the Championship. At the end of that season Leeds legend Lucas
Radebe retired after a series of injuries and promising young
player Aaron Lennon joined Tottenham Hotspur.
In the 2005–06 season Leeds finished in the top 6 and made the
play-off final. Leeds were favourites for the game, but after being
in the top 3 for most of the season and pushing Sheffield United
for second place, Leeds’ form drastically dipped in the last
quarter of the season. Following an impressive performance away to
Preston in the playoff semi final, many believed Leeds were back in
form, but they lost 3–0 to Watford in the final. Striker Rob Hulse
was sold in the pre season to Sheffield United and was replaced by
loan striker Geoff Horsfield.
The 2006–07 season started badly with Leeds conceding many late
goals in matches, and in September 2006 Blackwell’s contract as
manager of Leeds United was terminated. Leeds hired John Carver as
caretaker manager but his spell was a disaster with Leeds on the
receiving end of some drubbings. Carver was relieved of his duties
and Dennis Wise was eventually installed as his replacement after a
month without a permanent manager. Matt Kilgallon, one of Leeds’
star players, left in January to join Sheffield United. Wise was
unable to lift the team out of the relegation zone for much of the
season, despite bringing a number of experienced loan players and
free transfers on short term deals into the squad. With relegation
virtually assured, Leeds entered a Company Voluntary Arrangement
(administration) on 4 May 2007, thus incurring a league imposed 10
point deduction which officially relegated the club to the third
tier of English football.
The relegation was one of lowest points in the club’s history,
as Leeds United had never played any lower than the second tier of
English football. The summer saw many players leave, such as David
Healy and Robbie Blake, whilst long serving Leeds player Gary Kelly
retired after the relegation. Leeds, as they had after Premiership
relegation three years previously, were forced to build a squad
almost totally from scratch; with the future of the club uncertain
Leeds could not sign any players until a few days before the
opening game of the season against Tranmere Rovers.
2010-present: Return to The Championship
Leeds are set to begin the 2010-11 season in the Championship after
ending a run of spiralling down the divisions.
