Bates buys Leeds Utd confirmed

[cardboard]

08:37 21Jan2005 RTRS-UPDATE 1-Soccer-Former Chelsea chief Bates buys Leeds United

LONDON, Jan 21 (Reuters) - Former Chelsea chairman Ken Bates has bought debt-ridden second division Leeds United for 10 million pounds ($18.7 million), the club said on Friday.
Leeds's outgoing chairman Gerald Krasner told the club's website: "This deal ensure the medium to long term survival of the club and I believe Mr Bates' proposals are totally for the benefit of the club.
"We are content that under Mr Bates, Leeds United will continue to consolidate and move forward."
Bates ended a 22-year spell at Chelsea when he resigned as chairman last March, having sold his controlling interest in the club to Russian billionaire Roman Abramovich in 2003.
He was linked last year with a takeover of Leeds's Yorkshire neighbours Sheffield Wednesday.
Leeds say their debts are now down to under 24 million pounds from a high of over 100 million.
The club, relegated from the Premier League last season, came close to financial collapse before being sold to a consortium led by Krasner in March 2003.
(Writing by Trevor Huggins, editing by Robert Woodward))
($1=.5354 Pound)

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Friday, 21 January 2005 08:37:43RTRS [nL21584579] {EN}ENDS

 

[Northstander]

how much did he get for Chelesea ? 17 mil....

Now how much are Leeds Debts, plus the clubs annual running costs....?

cant see the light at the end of their tunnel for me......

 

[Paddy B]

No but I think this does mean that they will not go into administration this season, so we should discount them from the relegation picture

 

[sully]

Bates took Chelsea to the brink of administration / bankruptcy before finding Abramovich to get him out of the shit.

How the hell does Krasner think his involvement at Leeds will improve things at all?

A sad day for Leeds, methinks.

 

[larus]

Bates took Chelsea to the brink of administration / bankruptcy before finding Abramovich to get him out of the shit.

How the hell does Krasner think his involvement at Leeds will improve things at all?

A sad day for Leeds, methinks.

Shit, this frying pan's getting bloody hot. Come on, lt's jump out.

Ohhhh fuuuuuuuuccccckkk.

 

[Marshy]

Cant imagine many Leeds fans are happy about this.

 

[Starry]

Cant imagine many Leeds fans are happy about this.

It keeps us out of administration this season, on that card I'm happy. I do think it is only a short term fix.

I've the same feeling when Krasner took over, it's a new beginning. There is nothing at Leeds for Bates to sell or finance against, Krasner et al sold it all. Bates is using his own money, not borrowed from anyone, or financed against any assetts (of which there are none). He put £10m in already, his own money and he runs debts up he loses out.

And after Cussins, Silver, Ridsdale and Krasner we're used to twattish chairman. Least his programme notes will be interesting.

 

[Northstander]

I have the impression up here the fans are looking at it as "Well at least we avoid admin" but there are many fans who are equally not happy!

This could result in the players next week upping their game!

 

[Uncle Buck]

I heard the news about this takeover on Talksport whilst driving to work this morning. Nothing interesting about that. However as it was announced I pulled along side a Hearse (which was from the company of a certain Mr Ian Hart), complete with coffin.

Could this be a sign of the future of Leeds United, the coffin is telling them something....

 

[Ex Shelton Seagull]

How much longer will Blackwell be your manager? I give Bates 2 weeks (after we do Leeds 3-0 at Elland Road!) until he tells Blackwell to f*ck off. Then he'll appoint a "big name" manager.

 

[Starry]

How much longer will Blackwell be your manager? I give Bates 2 weeks (after we do Leeds 3-0 at Elland Road!) until he tells Blackwell to f*ck off. Then he'll appoint a "big name" manager.

Blacky will be there until the end of the season. Purely because New Manager won't leave present club until the close season.

 

[El Presidente]

Remember that Bates was threatening to sack Chris Turner at Wednesday earlier this season when he was in talks about taking them over on the grounds that "goalkeepers do not make good managers" , Kevin Blackwell used to play in goal!

 

[beorhthelm]

you have to say this looks pretty shit and a very desperation. Last week, with £24 million debt, Leeds where talking about a £25 million pound deal. Now they're accepting £10m, so will still be £15m in the the shite. seems they avoid administration, but i cant see how the club can move anywhere bt backwards/downwards for now.

 

[Stinky Kat]

Bates is a meglomaniac who will shout all day until he gets his own way. Leeds are in for a big shake up. He is quiet old too so he might get a heart attack if he gets too excited.

 

[Starry]

you have to say this looks pretty shit and a very desperation. Last week, with £24 million debt, Leeds where talking about a £25 million pound deal. Now they're accepting £10m, so will still be £15m in the the shite. seems they avoid administration, but i cant see how the club can move anywhere bt backwards/downwards for now.

The £25m deal was to include the immediate buy back and pruchase of ER and TA. Bates deal does not include that hence the lower price. The £15m from the £25m was nothing to do with paying/clearing debts.

 

[beorhthelm]

Now im really confused.

I thought the current debt stood at £24m. how would buying back the grounds have helped the debt position? And could they really be bought for £15m, i thought they where sold for alot more.

The fact that £100m+ debt has been reduced to £24m in 9 months or so indicates some cunning/creative accountancy. Yet now the debt is only £10m?

Last week Sainsbury said a full take over would cost £40m and incur £10m cost in the first 6 months. this week £10m gets you 50%. And that money will only keep the wolf from the door for 6 months?

Its a very dark and murky soup

 

[Silver flying chariot]

Bates is involved in leeds for one thing only.....

and that is Ken Bates's Ego