BBC - Bates is 'new' owner of Leeds

[Curious Orange]

From the BBC.

Leeds United confirm Ken Bates as new owner


Leeds United have confirmed chairman Ken Bates is the new owner of the club.

Bates has bought out the previous owners FSF Limited through his company Outro Limited for an "undisclosed sum".

A inquiry into football had put Leeds' ownership under the spotlight and the Premier League said they would require full disclosure if Leeds were promoted.

But a club statement read: "This change in ownership structure makes Ken Bates the controlling shareholder and delivers the transparency sought."

The club's chief executive Shaun Harvey had given evidence at the football governance inquiry in March where he told MPs that FSF Limited were a West Indian-based holding company, owned by three discretionary trusts.

While the owners of these trusts remained unknown, they had appointed two men, Patrick Murrin and Peter Boatman, to run the club and they had asked Bates to be chairman.

"The scaremongering arising out of the football governance inquiry has not been helpful and, whilst the board were always confident that there were no issues, recognise the concern the unknown outcome of any Premier League questions may have on our members," said the statement.

"To address this issue and in the hope that this brings an end to the speculation, the chairman Ken Bates has completed the purchase of FSF Limited for an undisclosed sum."

FSF Limited holds 72.85% of the shares in Leeds City Holdings Ltd, of which Leeds United Football Club Ltd is a wholly owned subsidiary.

So what do we think folks, has Father Christmas just sold the club to himself again?

*thinks he might be about to get fixtured*

 

[Seagull on the wing]

Remember his first game in "Charge" at Leeds,it was against us.....Master Bates...Master Bates! How many clubs has he ripped off?

 

[DTES]

Interesting take on it from David Conn in the Guardian - still so many unanswered questions

http://www.guardian.co.uk/football/blog/2011/may/03/leeds-united-ken-bates-owner

 

[zego]

Interesting take on it from David Conn in the Guardian - still so many unanswered questions

http://www.guardian.co.uk/football/blog/2011/may/03/leeds-united-ken-bates-owner

Incredibly murky!

Amazing that Leeds haven't been penalized down into the Conference for having brought such disrepute for so long to English football.

In the end, it is the fans, the players, local businesses, inc such as St Johns Ambulance, that pay the penalty under League and Premiership rules, and bankruptcy law - somehow the owners can duck and dive, and re-appear time after time at the top of the muck heap!

 

[vegster]

Worrying to say the least... Bate's freely admits he is a business man rather than a fan, must be a chance of raking in some cash then ?

 

[Bozza]

It's been great the way Conn has covered this oh-so-sordid tale over the years and I would love it, LOVE IT if he ever got the answers to this riddle which truly stinks very badly indeed.

 

[BRIGHT ON Q]

Thank god we have Sir Tony Bloom.

 

[seagullsovergrimsby]

All Bates has done is used one of his companies based in a tax haven to buyout another of his offshore companies which owned Leeds United. If Leeds manage to get promotion they can safely say that Ken Bates is their new owner , even though before the buyout he was still the owner.