News Alerts
Headlines
Bates back in control at Leeds United
England - 12 July, 2007
Adjust font size:
The strange tale of English Leeds United took another surreal twist Wednesday when Ken Bates' consortium won control of the club – again.
Three groups were seeking to take over Leeds United. Bates had in an offer, along with the Redbus firm and developer Simon Morris.
Bates placed the club into administration. He then attempted to buy back the club with an offer of 1p per GBP to the creditors. With the club's biggest creditor on his side – and able to block the sale to any other group – he looked in control.
But Revenue and Customs began looking into Bates' tactics, as the government would be one of the creditors getting 1p per GBP. In a last-ditch attempt to get out of hot water, Bates upped his offer to 8p on the GBP.
Just when it looked bleak for Bates, administrator KPMG said his undisclosed bid had won a chance to gain back the club. KPMG issued a statement saying the bid was the best chance for creditors to gain back their money.
The big question now is what Revenue and Customs will do with this bit of news.
Leeds United has debts of roughly GBP 35 million.
Bates threatened legal action if the club was sold to a rival, preventing him returning to the boardroom.
Three groups were seeking to take over Leeds United. Bates had in an offer, along with the Redbus firm and developer Simon Morris.
Bates placed the club into administration. He then attempted to buy back the club with an offer of 1p per GBP to the creditors. With the club's biggest creditor on his side – and able to block the sale to any other group – he looked in control.
But Revenue and Customs began looking into Bates' tactics, as the government would be one of the creditors getting 1p per GBP. In a last-ditch attempt to get out of hot water, Bates upped his offer to 8p on the GBP.
Just when it looked bleak for Bates, administrator KPMG said his undisclosed bid had won a chance to gain back the club. KPMG issued a statement saying the bid was the best chance for creditors to gain back their money.
The big question now is what Revenue and Customs will do with this bit of news.
Leeds United has debts of roughly GBP 35 million.
Bates threatened legal action if the club was sold to a rival, preventing him returning to the boardroom.
Source: euFootball.BIZ © Copyright 2006 -
All rights reserved.
© Copyright message
The copying, republication, redistribution or web posting (including by framing or similar means) of this content is expressly prohibited without the prior written consent of euFootball.BIZ
-
Finance
Television
Sponsorship
Marketing
Technology
Competitions
Clubs
Stadia-Facilities
Legal
Administration
Events