Ken Bates

[Gully]

I would agree with paddy that £16 for first division football is a bargain, regardless of your feelings about the shenanigans at Leeds United, I paid more than that (£18) for a game at Oxford last season in the Conference.

 

[Starry]

I think £16 per game is pretty reasonable as well. That is for our season tickets, actual match day prices haven't been announced.

Astor have told everyone in the night (they have 45% of the vote) that if the creditors don't agree to Bates offer today they will not agree to any other and will let the club go to court on June 27th for the winding up order

They want Bates in and will lose £8m in doing so. One of the other offers is offering over 20p in the pound and maybe as much as 43p/£1. KPMG won't confirm until the meet.

Four offers set to go to vote today. Two from America, Simon Morris and Bates.

 

[Curious Orange]

I think £16 per game is pretty reasonable as well. That is for our season tickets, actual match day prices haven't been announced.

Astor have told everyone in the night (they have 45% of the vote) that if the creditors don't agree to Bates offer today they will not agree to any other and will let the club go to court on June 27th for the winding up order

They want Bates in and will lose £8m in doing so. One of the other offers is offering over 20p in the pound and maybe as much as 43p/£1. KPMG won't confirm until the meet.

Four offers set to go to vote today. Two from America, Simon Morris and Bates.

Surely that isn't the best deal for the creditors though? Surely there must be some rules somewhere about that sort of blackmail?

 

[ditchy]

I thought that if in administration isnt it in the hands of the accountants to decide what is the best deal for the creditors !

 

[Starry]

Surely that isn't the best deal for the creditors though? Surely there must be some rules somewhere about that sort of blackmail?

I don't know.

I guess if the CVA is not approved today the administrators (who are recommending Bates' bid) have some leeway to do something before June 27th? I know KPMG have been saying there will not be enough time before the Inland Revenue have us in court though.

Even if Bates wins today, Krasner/Morris are hinting very strongly that they will appeal the vote which will I believe will take another two weeks anyway to hear that and deal with it and they they have to have another meeting to hear it.

Then we have to wait a week for the league to deem Bates fit and proper and to ratify the deal, all the while the Inland Revenue have said we've had our chances (and to be fair, we had more chances than most) and they are not budging.

 

[Starry]

I thought that if in administration isnt it in the hands of the accountants to decide what is the best deal for the creditors !

Depends how many golden handshakes and greased palms there are.

KPMG are recommending a 1p/£1 deal (Bates) which Astor are happy with. Yet the other offers are worth more.

 

[Hiney]

This is all a bit SHIT isn't it.

As Jason Cundy said on the radio yesterday, there is NO loyalty whatsoever in football, apart from that shown by the FANS. And THEY are the ones who ALWAYS get shafted in this situation.

BOLLOCKS

I hope everything goes well for you today Paddy/Starry

 

[Starry]

Thanks. I wish I could have gone to the meeting, I am curious to see how it all pans out.

I think Bates will win and that in a few weeks will have gone on his merry way with a nice wedge of money in his pocket and sold us as a now 'debt free' club to another party.

 

[Barrel of Fun]

I would agree with paddy that £16 for first division football is a bargain, regardless of your feelings about the shenanigans at Leeds United, I paid more than that (£18) for a game at Oxford last season in the Conference.

It equates to a similar price to our tickets.

A season ticket (as with Starry's) works out at about £18, which includes travel.

 

[e77]

With the stadium and large support, Leeds must represent a bargain for someone at the moment!

 

[cardboard]

When do the meeting "highlights" come out

 

[Lord Bracknell]

http://www.thisisyork.co.uk/display.var.1441339.0..php


Leeds facing ‘D’-day

FIVE interested parties have made rival bids for Leeds United as Ken Bates attempts to cling on to power.

Creditors meet at Elland Road today knowing Bates is favourite to complete his buy-back of the club, which went into administration earlier this month with debts of around £35million.

But Bates and his co directors Shaun Harvey and Mark Taylor, face opposition from two US funds, two consortiums of UK businessmen and a private individual.

Unsecured creditors will receive just one penny in the pound if Bates' company gains control but investor creditors have indicated they will use their voting rights to defeat any alternative proposal, even if this results in the club's liquidation.

Should Bates, Harvey and Taylor get the nod today, they could still face a future buy-out, with Duncan Revie believed to have the backing of Sheikh Mohammed, the world's fifth richest man, who has an estimated fortune of £15billion.

The Sheikh is Prime Minister and Vice-President of the United Arab Emirates and Ruler of Dubai.

Bates claims he has had "amazing" support from the club's fans.

Talking ahead of today's creditors' meeting, he said: "I would like to thank everyone for the measure of their support by email, letter, fax, telephone and those who have come up personally supporting what we are trying to do.

"It has been amazing and very touching. Some fans have sent in money, which we have returned.

"After today we hope to be able to go forward, put the tribulations of the past five or six years behind us, start on an even playing field and start getting the club back where it belongs."

A total of 37 interested parties have contacted the administrators wanting further information and eight have provided proof of £10million funds.





"Some fans have sent in money"?

To Bates?

Are they MAD?

 

[Gwylan]

"Some fans have sent in money"?

To Bates?

Are they MAD?

And he gave it back?

Just how likely is that?

 

[Starry]

When do the meeting "highlights" come out

As soon as I talk to my husband.

 

[Lord Bracknell]

Bates offer "utterly derisory", says Krasner
Friday, 01 Jun 2007 13:08

Bates' offer has been slammed by his predecessor

The former chairman of Leeds United Gerald Krasner has described the payment settlement offered by his successor Ken Bates to the club's creditors as "utterly derisory".

Bates, a former chairman of Chelsea who sold the club to Russian oligarch Roman Abramovich in 2003, has made an offer of just one penny in the pound to those seeking to recover money owed by Leeds, who are in administration.

The Elland Road outfit were relegated to the third tier of English football for the first time in their history at the end of the 2006/07 season and were forced to call in the administrators to attempt to clear debts totalling £35 million.

And despite Bates' assertion that without the agreement he is proposing the club will cease to exist, Krasner has deemed the offer on the table unacceptable.

"In my opinion this is utterly derisory," Krasner told BBC Radio 4's Today programme.

"One penny in the pound to the people on that list is just not acceptable to me. I believe there are better alternatives if we can get them to be put forward."

According to reports three large overseas companies – owed a combined £18 million – are keen on the deal but Krasner believes there is more to this than meets the eye.

"They have been listed in the proposals as the Forward Sports Fund, which is a connected creditor because that owns shares in the football club," he explained.

"The other two are off-shore entities called Astor Investment and Krato. They have injected, I believe, substantial monies and for some reason they are willing to wipe out the bulk of those monies, but there is nothing in the proposals why. Are they involved in the new club or not?

"That is not actually stated in the proposals."

The club is today holding two creditors meetings at Elland Road in order to determine the future of the Yorkshire outfit.

All parties owed money by Leeds United will have a vote on whether or not to accept Bates' offer, which could settle the issue of whether or not the club will be able to take its place in League One next season.

 

[Starry]

A lot of people have walked out in disgust, some removed by security

Nothing confirmed, Paddy is pretty much convinced it's a done deal and Bates has the votes but fully expects Krasner and Morris to fight this.

He hasn't voted yet though.

 

[The Laughing Bluebird]

Having Ridsdale come along is something you wouldn't wish on anyone.....

Do you mind? Pinocchio Pete's being doing a sterling job here.

Allegedly.

 

[sully]

KPMG are surely acting illegally by recommending Bates's offer.

The sole role of an administrator is to secure the best deal for the creditors. The Bates deal is clearly not the best deal for the creditors.

Why a creditor would vote for a 20th of what they could get from another source suggests that there is far too much dodgy dealings going on.

Has anyone approached the FL to find out if a new club would be accepted into the league if the current Leeds United are wound up? I think the rules say they have to drop at least two divisions, which doesn't really bear thinking about, but might just be worth it to be rid of Bates and his shady partners..

 

[Starry]

I don't know about that but the FL have told the meeting today that they would consider altering the rules to allow clubs to continue to play while in administration.

They are running about two hours late and now certain people want to be gone from the meeting by 5pm and they might not have it sorted today anyway

 

[robbied69]

From what someone emailed me quickly:

Seems the first meeting ran even longer than we were originally led to believe and the second one began only half hour ago.

Like I said before... The meeting was expected to run a little over thanks to Forward Sports Fund announcing they will vote for no one except Bates, and would see the club into liquidation first.

Can't help but feel bitter about this. It's basically corporate blackmail.

I'll keep you updated as i hear anything anyway.