Elland Road deals that aren't all they seem

Shareholders' meetings at stock market-listed football clubs rarely live up to their name. They should be called "fans with one share certificate" meetings, as they are usually swamped with questions about the injured latest signing, the striker who can't score goals and how much money the manager has to spend.

But if any shareholder in Leeds United wants to look up from his programme notes and peruse the annual report, there are a few questions that should be asked at Friday's annual meeting.

Shares are now trading at just 3.5p, an all-time low, despite the group apparently having dealt with their financial crisis by selling Rio Ferdinand and Robbie Keane. But these deals are not all they seem. Ferdinand went for £30m, but Leeds have received less than half that so far, and £4m of it is contingent on Manchester United achieving an unprecedented second and third Treble, something no Leeds fan would want to see.

Similarly, £3m of Keane's £7m fee from Tottenham is dependent on Spurs achieving a level of success not seen since games were played in black and white. Investors might ask how much headroom the club have on their banking arrangement, and how big a burden is the £60m of loan notes sold last year.

Then there is the question of what is happening with Elland Road. A few months ago, Leeds were supposedly leaving the stadium and building a new ground. Then Peter Ridsdale, the chairman, changed his mind. But Elland Road is in a poor state of repair. Leeds are in a curious position of having the City Council as both landlord – it owns the freehold of Elland Road – and the authority that would give planning permission for any redevelopment.

The situation is further complicated because Ridsdale is chairman of Education Leeds, the "hived-off" private company which now owns Leeds' schools. Shareholders might ask whether this makes it easier or more difficult for him to deal with the City Council.

Ridsdale may be on a sticky wicket with the City. Large investors, such as Schroders, UBS and Jupiter, have been supporters so far. But they might prefer Alan Leighton, the former Asda chief who has a good business record, in charge. Any threat to Ridsdale, though, will happen behind closed doors, not at the AGM.