2002-04 Venables, Reid and Gray: Another Decline
In the January 2003 transfer window Robbie Keane, Robbie Fowler, Olivier Dacourt, Lee Bowyer and Jonathan Woodgate were sold to repay the debt, and to reduce an unsustainable wage bill. The sale of Woodgate particularly upset Venables, who had been promised by Ridsdale that the player would not be sold. Tensions mounted between the pair, eventually resulting in the sacking of Venables, who was replaced by Peter Reid. By now Leeds were in danger of relegation, but Reid saved Leeds from the drop with a 3-2 win away to Arsenal in the penultimate game of the season - a result which won the title for rivals Manchester United. During this time the now reviled Peter Ridsdale resigned from the Leeds board and was replaced by Professor John McKenzie who had to try and turn around a club with debt in excess of £100m. Leeds reported a British record loss of £49.5m in October 2003, which on-top of their already existing £78m debt set the clubs total debt at £127.5m.
During the summer of 2003 Harry Kewell - who was nearing the end of his contract - joined Liverpool for £5 million; controversially, Leeds received just £3 million for the player, while £2 million went to Kewell's manager Bernie Mandic.
An unsuccessful start to the 2003-04 season saw Leeds collect just 8 points from the club's first 12 Premiership fixtures, and after a 6-1 defeat at Portsmouth Reid was dismissed. Former manager Eddie Gray was appointed as caretaker manager until the end of the season.
Gray continued the trend of recent years in rebuilding with young players, including James Milner and Aaron Lennon. A period of serious financial difficulty resulted in takeover offers, including a £60 million bid by Ugandan property tycoon Michael Ezra, but the team was eventually sold in early 2004 to a consortium led by new chairman Gerald Krasner. The team continued to struggle on the field, and Leeds were relegated to the Championship at the end of the 2003-04 season. Following confirmation of the club's relegation, Gray's reign as caretaker manager was terminated. His former assistant, Kevin Blackwell, was appointed caretaker manager for the final match of the season, and afterwards as permanent manager.
At the end of the season, other members of the team - Paul Robinson, Dominic Matteo, Mark Viduka and Alan Smith - were transferred, and even Milner, who Leeds had been intent on keeping, had to be sold. In their place Leeds began signing players prepared to accept lower wages. The club were eventually forced to sell both their training ground, for £4.2m, and their Elland Road stadium in the autumn of 2004.
Read more about this topic: History Of Leeds United A.F.C.
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