But if they can't write off debts like this whilst using them to fend off hostile bids, then we are actually saying the same thing! It's the law that needs changing to make sure that this sort of thing can't be done with impunity.
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What is the situation regarding Leeds, CVA, Golden share etc.
- Thread starter larus
- Start date
But if they can't write off debts like this whilst using them to fend off hostile bids, then we are actually saying the same thing! It's the law that needs changing to make sure that this sort of thing can't be done with impunity.
cjd
Well-known member
A mad idea I,m sure...........but what if........
a) The Football league suspend leeds for one season. Keep just the 23 clubs with three up four down etc.
b) Allow this year for the high court action by the Inland Revenue.
c) Allow this year for further investigations into Astors "alleged" debt with Leeds united
d) If there has been collusion between Mr. Bates and Astor, then hopefully a prison sentence to follow for Mr. Bates
e) Surely then Mr. Bates would be forced to relinquish his hold on Leeds.
f) The remaining few players that Leeeds United have could be loaned out for this season to allow their wages to be paid.
g) With new owners in place and the legal ramnifications sorted in 12 months, allow Leeds to have their "golden share" returned and re-commence in League 1.
A bit hard to swallow of course for the leeds supporters, but maybe be better than no club at all.
a) The Football league suspend leeds for one season. Keep just the 23 clubs with three up four down etc.
b) Allow this year for the high court action by the Inland Revenue.
c) Allow this year for further investigations into Astors "alleged" debt with Leeds united
d) If there has been collusion between Mr. Bates and Astor, then hopefully a prison sentence to follow for Mr. Bates
e) Surely then Mr. Bates would be forced to relinquish his hold on Leeds.
f) The remaining few players that Leeeds United have could be loaned out for this season to allow their wages to be paid.
g) With new owners in place and the legal ramnifications sorted in 12 months, allow Leeds to have their "golden share" returned and re-commence in League 1.
A bit hard to swallow of course for the leeds supporters, but maybe be better than no club at all.
Lord Bracknell
On fire
I have a feeling that the law is perfectly OK.
It's the criminals that need dealing with.
seagullsovergrimsby
#cpfctinpotclub
So if the club goes tits up does Bates have the option of buying Elland Road and then selling it on to a developer who will turn it into a Retail Park ? Selling the training ground would suit HMRC as they would get their money back.
clapham_gull
Legacy Fan
- Aug 20, 2003
- 25,878
Beach Hut
Brighton Bhuna Boy
So who owns it then ?
clapham_gull
Legacy Fan
- Aug 20, 2003
- 25,878
Beach Hut
Brighton Bhuna Boy
Copied from Wikipedia:
Initially the ground was used for rugby league matches before being purchased by the newly formed Leeds City in 1904. When City were forcibly bankrupted by the Football Association in 1919, the FA took possession of the stadium (along with all the other assets of the club) and sold it to the city council, possibly under the impression that the stadium would be torn down and used for housing, which Leeds was in short supply of in the wake of World War I. When Leeds United was formed immediately afterwards, the council allowed the new club to rent the stadium until they could afford to buy it themselves. Many United supporters refer back to Leeds City as 'The Black Peacocks' due to the tainted stigma of corruption. With the exception of periods from the 1960s until 1983 and from 1997 to 2004, the council has owned the stadium (an unusual situation in British football).
In 2004, Sebastian Sainsbury backed by Nova Financial Partners tried to take over the football club, and buy Elland Road. However, they failed to transfer £25 million by the 13:00 GMT Friday deadline on 12 November, and so to stave off administration the club sold the stadium to Manchester based business man Jacob Adler.[3] Leeds' board set the deadline as it needed to pay the latest instalment on a loan to Aston Villa shareholder and former Watford chairman Jack Petchey by close of business on Friday or trigger a £2m penalty clause. With the funds not transferred in time, Leeds had no alternative but to use their most bankable asset, Elland Road, on a 25-year lease deal with buy-back clause to raise the funds. It emerged on 27 December 2006 that Adler had sold the stadium to to the British Virgin Islands based Teak Trading Corporation Ltd some 15 months before.[4]
Initially the ground was used for rugby league matches before being purchased by the newly formed Leeds City in 1904. When City were forcibly bankrupted by the Football Association in 1919, the FA took possession of the stadium (along with all the other assets of the club) and sold it to the city council, possibly under the impression that the stadium would be torn down and used for housing, which Leeds was in short supply of in the wake of World War I. When Leeds United was formed immediately afterwards, the council allowed the new club to rent the stadium until they could afford to buy it themselves. Many United supporters refer back to Leeds City as 'The Black Peacocks' due to the tainted stigma of corruption. With the exception of periods from the 1960s until 1983 and from 1997 to 2004, the council has owned the stadium (an unusual situation in British football).
In 2004, Sebastian Sainsbury backed by Nova Financial Partners tried to take over the football club, and buy Elland Road. However, they failed to transfer £25 million by the 13:00 GMT Friday deadline on 12 November, and so to stave off administration the club sold the stadium to Manchester based business man Jacob Adler.[3] Leeds' board set the deadline as it needed to pay the latest instalment on a loan to Aston Villa shareholder and former Watford chairman Jack Petchey by close of business on Friday or trigger a £2m penalty clause. With the funds not transferred in time, Leeds had no alternative but to use their most bankable asset, Elland Road, on a 25-year lease deal with buy-back clause to raise the funds. It emerged on 27 December 2006 that Adler had sold the stadium to to the British Virgin Islands based Teak Trading Corporation Ltd some 15 months before.[4]
clapham_gull
Legacy Fan
- Aug 20, 2003
- 25,878
Leeds Chief Executive in March
"If the club owned the stadium then there would no longer be any mystery as to who owns Elland Road.."
I'm sure Starry can give us er.. more information but no-one know "officially" who owns "Teak Trading Corporation Ltd"
"If the club owned the stadium then there would no longer be any mystery as to who owns Elland Road.."
I'm sure Starry can give us er.. more information but no-one know "officially" who owns "Teak Trading Corporation Ltd"
NMH
Banned
This Leeds issue is a bit reminiscent of how our glorious club almost went out of existence. However, after their fans being among the worst ever, I can't find myself feeling sorry enough for them.
Your right the ground is next to the M621. As for who owns the ground. Well its not the Council and not the club itself. I dont think anyone knows who owns it part from the owner. I think Simon Morris, a property developer who a few months ago put in a bid to buy Leeds United may own some of it.
Ken Bates has the legal right to buy the ground back. Its only really an industrial site so its value isn't as high as their training ground.
Thorpe Arch is set in lovely countryside in an area that can command fairly high housing prices. I think David Batty still lives around the corner from the training ground.
Ken Bates has the legal right to buy the ground back. Its only really an industrial site so its value isn't as high as their training ground.
Thorpe Arch is set in lovely countryside in an area that can command fairly high housing prices. I think David Batty still lives around the corner from the training ground.
Icy Gull
Back on the rollercoaster
- Jul 5, 2003
- 72,015
This is the latest from BBC news, can someone explain why Astor would refuse rival bids or to waive 17.5 million debts to anyone but Bates??
Is this another Bates scam?
http://news.bbc.co.uk/sport2/hi/football/teams/l/leeds_united/6920103.stm
Is this another Bates scam?
http://news.bbc.co.uk/sport2/hi/football/teams/l/leeds_united/6920103.stm
cjd
Well-known member
I suspect that Astor,s debts are highly exaggerated (partly so that mr.Bates could attain the 75% of votes in favour for the CVA).This will mean that when mr.Bates has to repay people (possibly 53.8p in the pound), he will make more money from Leeds United football account, by paying himself (Astor) about £9 million pounds.
Of course, none of the above could possibly have any foundation with regard to the honest and upright Mr. Bates.
**partly so that mr.Bates could attain the 75% of votes in favour for the CVA).
wholly so he could. two 20 year season ticket holders voting differently at the cva would have swung the vote.
the pfa are at thorp arch today telling the players what they can do when the club is gone and where they stand and how their registrations would be returned to them or held and what implications it would have on their agreements and stuff.
the fl will meet midweek to discuss the golden share but kpmg are still managing to screw things up. and if bates spouts his mouth like yesterdays article in the mirror i can't imagine anyone ever playing ball with us again.
wholly so he could. two 20 year season ticket holders voting differently at the cva would have swung the vote.
the pfa are at thorp arch today telling the players what they can do when the club is gone and where they stand and how their registrations would be returned to them or held and what implications it would have on their agreements and stuff.
the fl will meet midweek to discuss the golden share but kpmg are still managing to screw things up. and if bates spouts his mouth like yesterdays article in the mirror i can't imagine anyone ever playing ball with us again.
Smash Bates!
severnside gull
Well-known member
I'm sorry for Leeds fans but would love to see Bates finally hung by his own dick - the one he's been shafting the football comunity with for years 
I know you 'like him personally', Paddy, and I'm not one for advocating violence, but I hope one day that twat gets what he deserves.
cjd
Well-known member
Any news Paddy, on the meetings with the Football League..? With only 10 days to go before the season starts, presumably something has to be decided before Staturday 4th August ( ? dont the police have to have 7 days notice etc etc)