leeds go into addministration

"we all hate leeds and we all hate leeds, we all hate leeds we all hate leeds, we all hate leeds."

it makes me happy that there going down , maybe saturday wasn't a lost cause anyway:]] :]]

 

Yes they are insovent!

c/p BBC



Leeds Utd calls in administrators
Leeds United is widely expected to be relegated at the weekend
Former Premiership football club Leeds United has called in administrators.

It will mean United are docked 10 league points, but it is not clear if that would happen this season or next.

The news comes just hours after the Leeds United Supporters Trust told the club it was in a position to make a serious proposal to buy the club.

Leeds has been struggling with its finances in recent years and relegation from the Championship will certainly eat into earnings for the coming year.

In recent years the club has sold its Elland Road home ground and its Thorp Arch training ground to cover previous cash shortfalls.

The fact that contracts for a number of high-price players run out this summer also means that the club will run short of valuable assets later this year.

Uncertainty

By entering administration the club can be held together while plans are put in place to restructure or sell it.

Experts predict that by making such a move, the club would be able to get rid of some of its debts.

Leeds would then be a more attractive investment and takeover target because any new owner would not have to take on its entire debt burden.

Under League rules, introduced in 2003, teams are deducted 10 points if they enter administration. Wrexham was the last club to befall such a fate in the 2004/5 season.

By taking the decision to go into administration during the current season, Leeds could have 10 points deducted now while the team is still in the Championship, rather than when it started next season in League One.

Should the penalty be held over, it would mean that the club started next season with a points tally of minus 10, a deduction that could seriously damage its prospects and could leave it in trouble for the rest of the 2007/8 season.

Leeds' chairman Ken Bates has been working hard to attract new investment to the club, but has so far had little success.

As well as the supporter's club, Leeds defender Gary Kelly has also been linked to a possible Irish takeover bid for the club.

 

Cheeky barstewards trying to get 10 points deducted this season and not next season in League One.

 

the worst fans in the world. not a great loss to football

 

Will be interesting to see how the FL decide this one. Deliberately trying to circumvent the rules with a tactical dive into administration should be considered contrary to the rule of fairplay in the sport. The rule was introduced to stop indebted clubs benefitting by clearing all their debts to maintain a competitive advantage. Therefore the 10pt penalty should be applied next season, under the pressure of League 1 chairmen.

 

Completely agree with you but you just know Leeds will end up with no points deduction next year

 

In that case I hope Hull lose 5-0 and Leeds win 4-0 this weekend, to keep them up on goal difference. Only for Ken's strategy to backfire spectacularly and see them deducted 10pts and relegated :]]

 

We were just talking about that in my office here, it would be hilarious if they stayed up, got 10 points deducted then went down next season as a result of starting on minus 10. Oh how I would laugh! :]]

 

Leeds have had 10pts deducted this season. They will finish bottom, below the scum...

http://news.bbc.co.uk/sport1/hi/football/teams/l/leeds_united/6625751.stm

Relegated Leeds in administration

Leeds United have been relegated to League One after being deducted 10 points for going into administration.
The 10-point deduction - in accordance with Football League rules - means Leeds will finish the season at the bottom of the Championship.

However, they will not lose any points for the start of their first season in League One in August.

Administrator KPMG has already agreed to sell the club to a newly-formed company led by chairman Ken Bates.

A cash injection of approximately £10m is required to continue trading

A KPMG statement said: "Shortly after their appointment the joint administrators agreed to sell the business and its assets to a newly formed company.

"This company is called Leeds United Football Club Limited, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.

"The sale of the club is subject to approval by its creditors, via a Company Voluntary Arrangement (CVA).

"The creditors' meeting, to consider the CVA, will be held before the end of May. The Football League will also need to approve the sale."

KPMG also revealed the club had debts "totalling approximately £35m, with a cash injection of approximately £10m required to continue trading".

The statement added: "The administrators understand from discussions with the Football League that the administration will result in the immediate deduction of 10 points.

"This means that next season the club will start the campaign in League One with no points deducted."

 

Totally agree

 

i prefer the other scenario, where they win big and hull lose. much more pleasure from that. :]] :]]

 

MasterBates is cute - having washed out £25million of net debt (they need to inject£10 million) providing the creditors and league agree.

The same Directors then have a clean balance sheet and can start running up debt (and selling shares) all over again.

Evidently the Supporters Trust wanted to buy the club but presumably were unable to `influence the Administrators` to their point of view.

Leaves a nasty taste - the unacceptable face of the game.

 

sadly its already happened and the points have already been deducted! Means Luton wont finish bottom as well

 

Its a fix

If they get away with this it will make a total mockery of the rule!!! funny how they waited until it was virtually impossible for them to stay up before they went into administration.

The 1st division chairman should indeed protest about it, if they are not deducted 10 points at the start of next season.:mad4: :mad4: :mad4:

 

Unfortunately, Edstannard is right. The Football League have already deducted points. Apparently this Sunday, the final day of the season, was the cut off.

 

The bit that really pisses me off is that Masterbates is the one making the descision to take Dirty Leeds into administration ,Yet he is also the same Masterbates that is going to be buying the club with his own money at a knock down price .

Wished I could become insolvent , anounce it to my bank and then offer to buy my house back at a knock down 10p in the pound price tag .

He went there thinking he had big wotsits and has failed misssssserably to keep them out of administration .The only assets that they have are players ,some of which they will have to sell at a knock down price due to high wages and the rest are not worth a penny . Who in their right mind would want to invest their own hard earned dosh with Masterbates .

My only guess is that this time next season they will be going into administration again , and down into league two .

I shall be sending my letter to Santa Claus early this year in the hope that he reads mine first.

 

I want to know if a new company is formed, will it be liable for any FINE for the pitch invasion that stopped the game v Ipswich.

Maybe that can be judged during the close season and as masterbates is still in control of the new company the football league fine and deduct points from them.

 

Would doubt it Paddy.

As a condition of the arrangement is likely to `wash out` all future potential liabilities.

Any deal put to and agreed by the creditors will likely trigger a payment of x pence in the £ - so unless the fine is triggered before the meeting, and the league register the debt - it would be a bit like planning to have sex with a virgin and finding out she was a *****.

 

The worse thing about it is that Captain Birdseye's company 'lent' Leeds United PLC £10m over recent months, just to ensure that when the business went into administration he would be top of the creditors list (ahead of HMRC and others) thereby giving him the biggest say in what happens next in discussions with the admistrator. It's a decent scam this one, I expect it to be on Hustle next week.

The pitch invasion fine will stand that - it's levvied against LUFC, regardless of who pays it. The FL also have the benefit of being the middleman for all payments from tv, other media and sponsors, so they could simply withhold the requisite amount if the new LUFC refuse to pay.

 

What then will happen to the contract with the lease of the ground and training facilities? If the old leeds company is no more and knock everyone for 2/3rds of their liabilities. Would you as freeholder of ******* road want tennants such as masterbates or no football contratced, knock the place down, get planning permission and build a great big lap and table dancing club with key worker homes around it for sustained annual income.

 

I would knock it down and build a big steaming pile of ***** right in the middle. The locals will never notice the difference!

(Sustainable housing included of course)

 

capain birdseye company - come and Findus if you want your dosh. All very fishy scullduggery imo.

 

If i was the landlord i'd be ripping up the contract , telling them to stick the money that they owe me up their arse and to get the **** out of my ground at 5pm Sunday.

Then at 9pm sharp monday morning I'd finish the demolition work that Masterbates has started and fill the void with Housing.

 

How many houses do you think one could build up masterbates backside or was you talking about ******* road?

 

This made me laugh - hahaha scummy leeds utd

 

That was hilarious.. cheers for posting that.

 

I'd be surprised if you could find any room inside Masterbates with all that **** of his.

 

quality :]] :]] :]] :]]

 

This is the really clever part of MasterBates plan - as I understand it - he is desperate to get out of the Elland Road lease, and that of the training ground.

By `pushing the company over` the freeholders `who have been knocked `for their rent force surrender of the lease - so he walks away from a sale and leaseback deal that he is unable to carry.

I understand he has an option on a ground share with Leeds rugby club to share all their facilities which rent can be paid out of their strong cashflow of £30million per annum.

Although the turnover will fall next season it will be dwarfed by losing the majority of the loan interest currently being paid, as well as the mamoth wages of a number of players like Robbie Fowler etc. which would normally finish this summer - but may well do sooner if the VA is agreed.

Neat eh?

 

They will be playing at the newly refurbished Headingley Carnegie Stadium alonside the Leeds rhinos and Leeds Tykes next season.

 

What if the CVA isn't agreed?

 

so basically masterbates is making a big club small. Good GS can make a small club big to bring the universal equilibrium back in order.

Still wondering why Leeds new company should be allowed to play league football, surely they should join Wimbledon fc's league or Man Utd breakaway league. Its funny how the slime shyte canut clubs get away with murder yet little wrexham and rotherham plough on in their same name, fighting points deductions and relegation.

Leeds new company football team - Won less than Watford hee hee hee.

 

I might be wrong but is'nt this the third time that they have gone through this route.

If so some of these creditors must have had the money they were owed diluted so many times since they fell from the prem that it must be time to say "NO" to agrement with a CVA.

 

NOOOOOOOO

 

They will try and win over the big creditors before the vote takes place so it is not in doubt.

However as one of them is the Inland Revenue, and another their bank, it should be interesting.

The bottom line is that the only real asset other than 3 or 4 first team players, and the registration of some youth chaps, is the club name and brand loyalty (supporters).

If they can`t get agreement the creditors will get nilch the club will cease trading and unless `a white knight` comes in and makes a better offer to the Administrator (that Krasner guy who sold it to Bates for £10 million is rumoured to want it back - if its clean) the club will lose league status and fold.

A very dodgy old business this football.