Survival is the name of the game for Leeds this season - both on and off the pitch.
The cash balance sheet showing the club to be around £78m in debt is bad enough.
Even worse is the player balance sheet. Harry Kewell, Olivier Dacourt, Jacob Burns, Teddy Lucic and Tom Newey have followed the likes of Jonathan Woodgate, Lee Bowyer, Rio Ferdinand, Robbie Keane and Robbie Fowler through one of the Premiership's busiest exit doors.
And who has been brought in to stem this ebbing tide of talent? Jody Morris on a free from Chelsea, Zoumana Camara on a season's loan from Lens and fellow defender Didier Domi on loan from PSG.
Morris says he's determined to shed his 'bad boy' tag but is unlikely to have midfield opponents quaking in their boots.
Striker Lamine Sakho, who arrives from Marseille on a year-long loan with a view to a permanent £3m transfer, is highly rated if a bit of a loose cannon.
Perhaps Leeds' most significant signing is Kevin Blackwell as Peter Reid's head coach. The 44-year-old has worked wonders with Neil Warnock over the years, most recently at Sheffield United.
Reid and Blackwell could spring a few pleasant surprises for long-suffering Whites fans by using the bunker mentality that has served Leeds well in times of trouble - and there have been plenty of those over the years.
But the squad looks short of firepower following Kewell's controversial knock-down departure to Liverpool.
And then there's the defence, which conceded 57 goals last season, the highest total outside the relegation zone.
With the injured Eirik Bakke set to miss the early part of the season, the midfield doesn't look too clever either.
At least keeper Paul Robinson is still at Elland Road - for the time being. He's in for a busy season, but there's enough mediocrity in the Premiership to give Leeds a chance of improving on their 15th place of last season - but not by much.
Predicted finish: 15th
Player to watch: James Milner. Burst on to the scene last season in Rooney-esque fashion and is a young talent to be treasured, not sold.
Wakey wakey: Alan Smith. He was troubled by injury and red mist last season (nine yellow cards, two reds) but a lot will rest on his shoulders in what looks a threadbare strikeforce.
Odds for the title: 350/1
Managerial first sacking odds: 8/1
Relegation odds: 11/2