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Bates in control at Leeds
England - 14 December, 2007
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Ken Bates seems to again have emerged to take control of English Leeds United.
Administrators KPMG said Bates' bid gives the club the best chance to survive. Bates said the bid, with the amount undisclosed, is the same as the one he submitted this past June after the club went into administration.
It was the latest in the odd series of events after Bates sunk the club into administration and then offered 1p per 1 GBP of debt to creditors. The creditors, including HR Revenue and Customs, balked. Bates offered 7p per GBP owed, and that too was rejected.
The issue now is dealing with the Football League and getting back into good standing with that group, which had wanted a CVA in place and questioned the circumstances of the takeover.
Administrators KPMG said Bates' bid gives the club the best chance to survive. Bates said the bid, with the amount undisclosed, is the same as the one he submitted this past June after the club went into administration.
It was the latest in the odd series of events after Bates sunk the club into administration and then offered 1p per 1 GBP of debt to creditors. The creditors, including HR Revenue and Customs, balked. Bates offered 7p per GBP owed, and that too was rejected.
The issue now is dealing with the Football League and getting back into good standing with that group, which had wanted a CVA in place and questioned the circumstances of the takeover.
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