Leeds Going Bust?

I can't wait for them to go to pot!

 

Waste of money:]]

 

He was in total control of it.

Bates' holding company and an associated company lent LUFC large amounts of phantom money and then called in that debt with immediate effect. (That's a very crude assessment, I don't understand that bit fully). Unable to pay that money LUFC entered administration, upon which Bates' companies were top of the list of creditors (owed, as they were, the biggest amount of money). Through this Bates' controlled 30% odd of the vote and therefore had/has the deciding say on whose bid wins control. :dismay:

 

Yes but interestingly the biggest creditor doesn`t have priority in a liquidation, or necessarily in an Individual Voluntary Arrangement (in the football league).

Football creditors (including current and ex players and managers, and staff), HMRC, and any bank preference loans and debentures all rank ahead of shareholder funds.

The odds are moving against Masterbates because of the closed bids deadline - so as they say `we live in interesting times`.

 

my money is on Ken praying that Roman wants another materbates

 

i want to see on the back of a paper bates leaving elland road with nothing

i think i would buy it and frame it

 

And then getting hit by a bus.

 

mmmm...who gives a fk neways, they are not in the same league as us, and never were...we showed that at Cardiff :jumping1:

Lets enjoy beating the rest, and not worrying about skint hasbeens.(inc J10)

 

guess that's a no then:rant:

http://news.bbc.co.uk/1/hi/business/6292746.stm

 

Thats three times he has now bought Leeds, what does he see in them ?

 

££££

 

shouldn't that be pppp?

or ££££ all?

 

:whoosh:

 

pppp - pennies, as that is surely all the Leeds have in the coffers now?

££££ all - i thought you may have been censoring something

Anyway, I don't see how Bates sees any money in Leeds. The fans are slowly turning away, they're in League 1, all of their best players are leaving and they look destined to stay where they are or even drop lower down the league unless something MAJORLY dramatic happens.

 

Will Leeds Play in the Conference?

The story runs and runs......

LONDON (Reuters) - A bid by Leeds United's new owners to obtain the Football Share needed to play in the third division next season has been turned down, the Football League said on Thursday.

The debt-laden club was bought by a group led by chairman Ken Bates on Wednesday after being put up for sale by administrators KPMG. The new owners need to have the Leeds share transferred to them in order to start the new season.

"The Board was unable to consent to this request this morning," the League said in a statement on its Web site www.football-league.co.uk.

"Instead it has requested, from the administrators, certain required documentation and assurances regarding the sale of the club. The Board also requires certainty on the current legal proceedings surrounding the administration."

The League, which governs the three divisions outside the Premier League, discussed Leeds at a board meeting on Thursday which it had expected KPMG to attend.

"However, the League was informed late yesterday afternoon that they would not be attending, with no explanation provided," it said.

"Additionally, the Board expressed concern at the handling of the whole process by the administrators and the Chairman was instructed to obtain legal advice in that regard."

Aware of the impact of its reservations about the sale of the Yorkshire club, the League said: "Clearly any further delays in this process will be frustrating for Leeds supporters.

"However, like the club's fans, the Board recognises the pressing need for certainty regarding the future of League football in Leeds."

Should the matter not be sorted out quickly, the League added there was nothing in its regulations to prevent a club beginning a new season whilst in administration.

A major force in English football in the late 1960s and 1970s, Leeds' fortunes have plummeted since being English champions in 1992 and reaching the Champions League semi-final in 2001. Relegated twice since then, they have debts of around 35 million pounds.

 

The saga continues whilst the football world laugh at weeds and the parasites that are Bates & Wise.

 

Time is Getting Shortfor Weeds - Scotty come home

No one seems to be investigating the shadowy off-shore company Astor, which only agreed to waive their rights to debt repayment if the `poison dwarf`s bid succeeded - but in the meantime........


c/p


By Alex Lowe, PA Sport

Football League chairman Lord Mawhinney today warned that time is running out on Leeds' chances of starting the new season in Coca-Cola League One.

With just nine days until Leeds are due to open their season against Tranmere, their best hope rests with the administrators striking a new agreement with the club's creditors.

The original CVA - Company Voluntary Arrangement - was challenged by the Inland Revenue, to whom the club owed £7.7million in unpaid tax.

Leeds have requested their share in the Football League be returned for the new season based on "exceptional circumstances".

But none of the previous 41 Football League clubs have emerged from administration without a CVA and it appears Leeds' argument has been rejected.

After a four-hour meeting at Football League headquarters this week the administrators KPMG agreed to report back by tomorrow whether they would reconstitute the CVA.

If they do, Leeds would move a step closer to starting the new season in League One. If not, the clock is ticking and it is feasible Leeds could be blocked from playing.

That remains the worst case scenario and Football League chairman Lord Mawhinney insists he is "an optimist".

But he also warned that progress must be made quickly.

"We have got to resolve the situation and we have got to resolve it soon because the new season starts in nine days time," said Lord Mawhinney.

"On Tuesday we had a four-hour meeting between Leeds United, the adminitrators and us. We all agreed the best way forward was to see if the administrators could reconstitute the CVA.

"Once we have their final decision we will talk to Leeds about how to make progress.

"If the CVA could be reconstituted then Leeds United - in terms of the old company - could start the season.

"We have no control over the administrators. They understand the laws of insolvency, we understand the laws of the Football Legaue. The best way forward is close collaberation between the two.

"Part of our policy is to do whatever we can, within the rules, to ensure the continuation of or member clubs through administration.

"If you are asking me to make a prediction I don't have a crystal ball. But I am an optimist."

However, there are other major issues for which the Football League still needs to find a solution.

Key among those is the fact that the administrators sold rights to the lease of Elland Road and the player contracts to the new company, Leeds United 2007.

However, the player registrations remain with the old company. Leeds United have been told by the FA they must operate under the auspices of the old company to fulfill their pre-season fixtures.

"That is not in the gift of the administrators. The registrations are a relationship between us and the club.

"But the normal way to resolve this is for the CVA to go through and once it has been through, then there is a legal agreement as to what all the unsecured creditors get, the administrators tell us it has all been done properly."

 

Give it a couple of years and they'll be in the non-league. I'll enjoy it when Leeds come to Burnham for a game one day!

 

Confirmed on Skysports.com

Weeds start with a 15 point penalty but the share has been returned

:]]