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Re: Leeds United FC

I've been @ uni in Leeds for the past 3 years and have been to see them around 15-20 times during that time, basically when not off to see Villa! Really gutted they've been relegated but hoping it will just prove to be a blessing in disguise like it was for Man City not so long ago & give them a chance to sort out their finances once and for all.

Here's to a quick & speedy return to where they belong...

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  • 1 month later...

Re: Leeds United FC

The fate of Leeds United will become clearer by 4pm on Tuesday afternoon.

That is when the period allowed by statute for an appeal against the CVA expires.

The club, in administration since May 4, announced in a statement on Monday afternoon that an increased offer to creditors had been negotiated, taking the total to 8p in the pound.

Chairman Ken Bates, who is waiting to learn if his buy-back proposal will be challenged,

"The Revenue spoke to the administrator on Friday and asked about the situation," he explained. "And the administrator agreed to look at the situation.

"We then had a meeting on Saturday with Shaun Harvey, the administrator and their lawyers. After a lot of discussions we agreed we would increase the offer by another £1m.

"That means the creditors will get around 8p in the pound. That's as good or better than any other offer.

"Our offer is unconditional other than there is no challenge to the CVA and we get our share transferred from the old Leeds to the new Leeds so we can continue to play.

"That's as far as the new company can go and we think we've done what we can to meet the situation. I have to say ours is the only offer on the table.

"There's been a lot of talking by disaffected people, but this is the only offer."

Leeds United Opportunities

The chairman also repeated his stark warning about the consequences should the CVA be challenged before Tuesday's deadline.

"If there is a legal challenge it could take two or three months to get to court and be decided,"

"In the meantime, who is going to pay to run the club? So far it's been funded by the 'new Leeds' but if there is a challenge the 'new Leeds' won't do it because it's a risk.

"The implications are that the club would close down.

"From 4pm on Tuesday there'll either be a Leeds United or there won't. It's not about personalities, it's about Leeds United and the many people who support the club on and off the field.

"Iv'e always been told Leeds city needs a successful football club, and I hope Wednesday can be the first step towards Leeds United being a succssful team for the city of Leeds."

What has threatened to get lost in the process is the fact that manager Dennis Wise is attempting to prepare for a serious crack at League One next season.

The players returned to training on Monday and, after agreeing a number of potential deals in principle last week, the chairman confirmed that Wisey has another three potential recruits lined up.

Now at 4PM Today leeds release this

The club can confirm that the Inland Revenue have served notice of their intentions to challenge the CVA.

We do not have all the details as yet and do have a number of options available to us.

The good thing that could come out of this is KPMG can now sell the club to other intrested partys

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Re: Leeds United FC

Leeds come to dublin to mplay Shels on saturday i persume thats still goin ahead ? :rolleyes:

Not sure yet mate theres a meeting tomorrow should be answers after that . Are you going if its on ? i will be in cat & cage (think its called that)before game pm me if your going

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Re: Leeds United FC

''leeds players kick-off pre-season with a 2-0 win against Shelbourne on Saturday evening.

Robbie Blake and former Southampton midfielder David Prutton, one of seven trialists handed a run-out, got the goals to secure the win in Dublin.

United fielded 21 players at Tolka Park, changing 10 outfield players at half-time, were backed by a healthy support, and Gus was pleased with the outcome.

"The lads did fantastic," said the assistant boss. "Everyone showed they wanted to be part of the team, and it was very important to have a look at the players.''(quotes from leeds website)

as a leeds fan , i personally am overjoyed at the result , but im very annoyed at the fact that as it stands now chances are ken bates will still be running the club next season ! :mad:

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Former Hull City chairman Adam Pearson is set to make a bid for Leeds United!

Pearson set to make Leeds offer

Former Hull City chairman Adam Pearson is set to make a bid for Leeds United, BBC Sport understands.

Leeds's administrators put the club up for sale on Friday and chairman Ken Bates has vowed to take legal action if the club is sold to a rival bidder.

Ex-Leeds chairman Gerald Krasner told BBC Five Live the interested parties he is aware of are "domestic based but the money may well come from abroad".

Potential buyers have until 1700 BST on Monday to submit an offer for the club.

Bates confirmed he has re-submitted his offer for the club after a legal challenge was made by HM Revenue and Customs (HMRC) over his original takeover plans.

The 75-year-old told Yorkshire Radio: "Our bid is the original deal that was done in the meeting of creditors when we placed the Company Voluntary Agreement (CVA) on June 1.

"We believe in fact our offer is valid. Therefore it should be the only one to be accepted."

Pearson left his position at Hull in June after selling the club to a consortium fronted by Paul Duffen for £10m.

The former Leeds commercial director insisted in the same month that he was not considering making a move to buy the club and said: "To be honest, I think we can put this to bed.

"But, as for the long term, I certainly wouldn't rule out going into another club. It's an industry I really enjoy."

But he is now expected to make a formal approach along with Internet guru Peter Wilkinson.

"One of the conversations was about two of the consortiums joining together to make one super offer. I think if they were to team up they would stand a good chance of getting the club."

Those who have previously declared an interest in buying the club include Duncan Revie, son of former Leeds manager Don, and property entrepreneur Simon Morris.

Earlier this week, businessman Simon Franks said he was ready to buy Leeds United, through his Redbus investment vehicle.

Leeds have debts of £35m, including the money owed to HMRC in unpaid taxes.

Bates had proposed to take Leeds out of administration, repaying creditors eight pence in every pound that it owed.

(From The BBC Website)

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Re: Leeds United FC

I heard Leeds have been given a week to sort themselves out or they face being removed from the the football league.

Ive also heard that there are 4 different people/ company's etc bidding for Leeds with 2 of the bidders teaming up to push for the takeover and as everyone knows Ken Bates said if he doesnt have his bid accepted he will take legal action.

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Re: Leeds United FC

seeing as Inland Revenue are owed money i dont see how he can sue

after very sneakly making the company bankrupt and he then made a company and a take over bid in a couple of days

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Re: Leeds United FC

well im sad to say but i dnt think leeds will ever be as good as they used to be especially now there keeping ken bates in charge hes the person thats getting them relegated not forgetting dennis wise but u better just hope that leeds play as well as leicester next year then you may go up cuz leicester r on there way to the premiership


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Re: Leeds United FC

well im sad to say but i dnt think leeds will ever be as good as they used to be especially now there keeping ken bates in charge hes the person thats getting them relegated not forgetting dennis wise but u better just hope that leeds play as well as leicester next year then you may go up cuz leicester r on there way to the premiership


iv said it before , & it looks like im gonna say it again :D

if ken bates hadn't of raised the prices of tickets to see the games

then people would actually go to the games , however he did raise the prices which leaves a knock on effect on the players confidence :eek:

until that is resolved (by that i mean , we lose ken bates)i cant see leeds going anywhere :mad:

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  • 2 weeks later...

Re: Leeds United FC

How Bates won control of my club

KEN Bates won his fight to regain control of Leeds United even though one of his rival bidders made a significantly bigger offer for the club.

Figures released Friday by United's administrators KPMG show Mr Bates successfully bought back the Whites earlier this month with an upfront payment of £1.8m.

But it is now also clear that former Leeds director Simon Morris and businessman Simon Franks jointly offered £3.5m up front as part of their failed bid for the Elland Road outfit.

Crucially, though, Mr Bates' package will give United's 1,300-plus creditors more money back per pound than they would have received from the Morris-Franks deal.

That is because the club's largest creditor, the anonymously-owned offshore company Astor Investment Holdings, agreed to waive the £17.6m it was owed in the event of a victory for Mr Bates.

It was not prepared to do the same for either Mr Morris and Mr Franks or the unidentified parties behind the other two bids KPMG received for the Whites.

British Virgin Island-registered Astor's stance meant Mr Bates' offer was worth an unconditional 11.2p-in-the-pound to creditors.

The unconditional dividend proposed by Morris-Franks was 10.3p-in-the-pound, because their cash investment would have been spread across £30.25m of debt rather than the £12.6m being demanded of Mr Bates.

Dean Dorrell, chief executive of Mr Franks' acquisition business Redbus, expressed surprise at Astor's willingness to write off such a large sum of money.

He said: "The key factor is the Astor waiver of the debt for one of the bidders, which at the least is unusual.

"Coming across insolvencies as often as we do, it's unusual for an unconnected party to make that offer to a bidder."

Leeds said they would be making no comment on the figures, which were contained in a letter sent out to creditors by KPMG.

The other two bids for United, referred to as 'Offer C' and 'Offer D' in the letter, promised nothing to creditors on an unconditional basis.

Their proposed payments were instead dependent on factors such as Leeds making it back to the Premiership.

Offer C was in theory worth up to 32.2-p-in-the-pound to creditors, while Offer D's possible return was 15p-in-the-pound.

However, Mr Bates' deal also makes provision for an additional payment if Leeds win promotion to the Premiership within 10 years.

Should that 'conditional element' be triggered, then his bid will end up being worth 52.9p-in-the-pound to creditors.

The Morris-Franks deal, referred to as 'Offer B' in the letter, would have provided a conditional dividend of 26.7p-in-the-pound, again dependent on Leeds's return to the Premiership within 10 years.

Leeds were put up for sale by KPMG on July 6, two months after they went into administration.

KPMG yesterday also sent out replies to letters from around 150 fans questioning its handling of United's case.

*Hopes were rising today that the Football League is ready to give the Whites the so-called 'golden share' they need to prepare properly for the coming season.

The governing body has been withholding Leeds's share - in effect their League membership rights - since they went into administration.

But the League said it was looking to hold a meeting with United early next week to discuss the issue.

Leeds have warned that, without the share, it will be "practically unachievable" for them to start the new season.

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Re: Leeds United FC

Leeds have received permission to play in League One this season after being granted their Football League share but must do so with a 15-point deduction.

The club have appealed against the sanction imposed by the Football League and their case will be heard at a special meeting of all league clubs.

Doubts had been raised over Leeds' future after the club failed to agree a Company Voluntary Arrangement (CVA).

The Football League accepted there were "exceptional circumstances".

But in making their decision, it was stressed they could not allow Leeds to operate outside the strict rules concerning administration.

Leeds are back under the control of Ken Bates after administrators KPMG sold the club to him for an undisclosed sum.

The CVA would have allowed Leeds to pay off an acceptable amount of their debts to creditors.

"The Football League Board agreed that, notwithstanding the manner in which this administration has been conducted, the club should be permitted to continue in the Football League," said a statement.

"Consequently, the board has decided to make use of the 'exceptional circumstances' provision within the League's insolvency policy, for the first time, and agreed to transfer the club's share in The Football League to LeedsUnited 2007 Ltd. Accordingly, the club's share has now been transferred.

"However, it is acknowledged the club did go into administration and has been unable to comply with the terms of the League's well-established insolvency policy.

We are now planning the appeal and we are able to complete the squad rebuilding for the 2007/08 season

Leeds statement

"As a result, the board determined this transfer of membership should be subject to Leeds United having a 15-point deduction applicable from the beginning of the 2007/08 season."

Football League chairman Lord Mawhinney met with both KPMG and Bates, telling them to change the CVA, which governs how much creditors will get.

Leeds have lodged an appeal against this sanction, which will be heard at a special meeting of all League clubs, to be arranged in due course.

A club statement said: "The club has received an amount of criticism from supporters for not keeping them up to date with developments during what has been a very difficult time for us all.

"We appreciate this policy was difficult for fans to accept, but please be assured that this has been done in the best interests of Leeds United, which is justified by the return of the share.

"We are now planning the appeal and we are able to complete the squad rebuilding for the 2007/08 season, albeit with only one week to go before our first League One game at Tranmere."

As a Leeds Fan, it really sucks! :(

Talk about kicking a team when theyre down :mad:

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Re: Leeds United FC

:(Sad,sad,news,15 points to make up will be a mountain to climb,can't see us doing it this season even in league 1.

Been a supporter since the early 70's and never seen the club as down as this,i know it has a lot to do with money but personally i think when O'Leary got the push it has been freefall ever since.

However we will be back.

Leeds till i die!!!:)

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Re: Leeds United FC

To rub a bit of salt into the wounds of all you Leeds fans out there...

Half Time - Leeds United 0 - 1 Wigan Athletic! (Only a friendly so there still maybe hope...or not :P ) Poor Leeds

Luke , where would your post's come from if i didn't txt you the score's to the match's :D

That was the score at half time

The full time score however was Leeds United 1 - 2 Wigan Athletic!

As its a new squad and it was the 1st time i have seen the new squad in action i dont know the players names so i will be difficult to say which players played well

The New right back played an excellent game as did Left Midfielder Eddie Lewis and Right Midfielder Sebastian Carole :P

I'll edit this post when i know the names properly

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Re: Leeds United FC

ok we lost 15 points which will go down to 10 or 5. Our aim is to survive this season which im confident we will.

This time next year - we will be of adminstration - no debts - hopefully bates out - look like it would be a good investment.

5 years down the line this will all be a memory.

Chin up and stay positive

Like the song goes

We've had our ups and downs

All the fun of been a Leeds fan

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Re: Leeds United FC

Leeds are very poor. I hope they go down!

I appreciate how this is a fairly open forum but most people who post on this thread are leeds fans such as myself & saying this is just not going to go down well :rolleyes:

This is more of a thread for news & rumors then opinion so i cant really see the point in making that post

Back on subject the 15 point fine will effect the season at elland road but from going to the match today against wigan ,a premiership team,i think we may be capable of more than just survival,but it was just a friendly

At this point in time its hard to say what will happen :o

All we can do is hope for the best ;)

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