Pretty Shambolic
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Five Consortia Lodge Leeds Intent | Quote: | Leeds United's administrators have confirmed five different consortia have all proved they have the funds in place to buy the stricken Yorkshire club.
But administrators KPMG expects present chairman Ken Bates to emerge victorious from Friday's creditors' meeting.
KPMG has refused to identify the five would-be investors ahead of the company voluntary arrangement (CVA) meeting.
But local property developer Simon Morris and Duncan Revie, son of former manager Don, have lodged an interest.
Bates was forced to call in the administrators on 4 May prior to the final game of the season, a decision which confirmed their relegation to League One.
The club is £35m in debt and the Inland Revenue issued a winding-up order due to an unpaid bill of £7million.
And the balance sheet revealed a £10m cash injection was required to keep the club alive.
But with the approval of administrators KPMG, the club were immediately sold to a newly-formed company, Leeds United Football Club Limited, of which Bates is a listed director.
Joint administrator and KPMG Restructuring partner Richard Fleming said: "While we have marketed the business and secured alternative offers for the club, we have also had to advise creditors that more than 25% of the creditors by value have informed us that the deal on the table, to sell the club to the newly-formed Leeds United Football Club Ltd, is the only proposal they will support.
"Given a CVA proposal requires the support of 75% of creditors by value, this would appear to make it difficult for any other offer to be successfully progressed." |
(Above taken from BBC)
The 25% thing is what Krasners pissed off about. Apparently, the companies that make that up are only willing to agree to Bates' terms, and although the apparent "research" that's been done has shown Bates has no involvement with them, the other bidders and Krasner don't believe him.
Once tomorrow fails to see Bates take charge, **** knows what will happen.
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Woody
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thoughts please , what do you think will happen , and who is going to be our leeds United correspondent for that day?  
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gaz
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sheiki in!!!!!!
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lil eva
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I will be at home for most of the day.I will post any news that comes to light 
Don't know who will get control,i just wish it was sorted and we can then look forward and upwards 
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Josie-lufc
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Im at work and finding it very diffiult to concentrate. 
Listening to Yorkshire Radio
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lil eva
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Im listening too Jo.It doesn't look like we will know anything untill late afternoon 
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Josie-lufc
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Oh dear, looks like I will be feeling sick for most of the day then
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lil eva
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Me too Jo.Especially ater reading Ben's post
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wewantourdarbyback
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Bates has it sown up really, he has 45% of the fisms in his pocket no other bid can succeed even if his fails
One of the companies is owed £18.5mill but are happy to accept £185000 from bates rather than the £8million future pofits Revie is offering them, summut fishy going on, bates has promised them he can make them more than that in the future some how
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Josie-lufc
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Yep 
Its not only the future of Leeds United that hangs in the balance today, but mine as well.
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lil eva
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Do you get your results today Jo??????
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Josie-lufc
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Er no Anne, but if there is no Leeds United then there will be no me.
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lil eva
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Sorry love it was bloody insensitive of me 
Hey you have us
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Josie-lufc
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No it wasnt - I shouldnt be so sensitive about the club but I feel its the only way I can cope with my condition. If there is no Leeds Utd, dont know how I shall cope anymore.
Yeh, I know I have you peeps but dont want to keep burdening you with my problems. You have your own lives to live and dont want to keep hearing how down I am feeling.
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wewantourdarbyback
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| joleedsmad2 wrote: | | Er no Anne, but if there is no Leeds United then there will be no me. |
I know this may be a little insensative but... What about Dan?
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lil eva
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| joleedsmad2 wrote: | No it wasnt - I shouldnt be so sensitive about the club but I feel its the only way I can cope with my condition. If there is no Leeds Utd, dont know how I shall cope anymore.
Yeh, I know I have you peeps but dont want to keep burdening you with my problems. You have your own lives to live and dont want to keep hearing how down I am feeling. |
Oh yes we do .We have told you we are here for both you and Dan.Not a lot of consolation i know,but what are friends for 
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Josie-lufc
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Dan is growing up fast these days and he knows that sometime in the near future he is going to lose me anyway. He has his mates and I hardly see anything of him anyway.
He will be okay, he is a tough lad, has had to be.
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lil eva
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Chin up Jo,give me a ring if you need to talk love.Im not working today,just have to nip out later this afternoon
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Josie-lufc
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ok thanks Anne
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wewantourdarbyback
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| joleedsmad2 wrote: | Dan is growing up fast these days and he knows that sometime in the near future he is going to lose me anyway. He has his mates and I hardly see anything of him anyway.
He will be okay, he is a tough lad, has had to be. |
lol, i didnt mean that
I meant you have Dan, i know that when my Dad died the only reason me mam didnt let herself waste away was me.
You'll always have Dan
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lil eva
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Nothing announced at 3pm as promised on Yorks radio
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Pretty Shambolic
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| lufc4eva wrote: | | Nothing announced at 3pm as promised on Yorks radio |
Nope... but on the brightside, they're playing Tracy Chapman...
"Remember we were driving... driving in your car..." Anthem!
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Pretty Shambolic
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Yorkshire Radio: Second meeting underway now, but was delayed by an hour, so no announcement for a while yet.
The delays were expected because of the opposition to Bates' bid and the anger of alot of the creditors.
They said it's unlikely to be dragged over to tomorrow though, and that it should be concluded today.
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Josie-lufc
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Here's hoping, suspense is killing me
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Pretty Shambolic
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| joleedsmad2 wrote: | | Here's hoping, suspense is killing me |
From my reckoning, the onl way it can be concluded today is if Bates wins his bid.
So, heres hoping it gets dragged on a bit
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lil eva
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2nd meeting only got underway at 4-10pm.
Must have been an interesting 1st meeting if it lasted until 3-30 
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Josie-lufc
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Ohhhhhhhhhhh
Looks like its going to be a very long evening
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Pretty Shambolic
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| lufc4eva wrote: | 2nd meeting only got underway at 4-10pm.
Must have been an interesting 1st meeting if it lasted until 3-30 |
It was expected to run over after Forward Sports Announcement that they'd only back Bates.
The rest of the creditors are livid.
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lil eva
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I would be as well,sat in a bloody office on a day like this
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Pretty Shambolic
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| lufc4eva wrote: | | I would be as well,sat in a bloody office on a day like this |
It's basically corporate blackmail, isn't it?
The only way I see Leeds coming out of this without Bates in charge, is if one of the other bidders decides to give Bates a stake in the club and allow him to continue as chairman or in a boardroom position?
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lil eva
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I'm convinced that Bates has it sewn up,because he wouldn't have gone about it this way otherwise
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Pretty Shambolic
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| lufc4eva wrote: | | I'm convinced that Bates has it sewn up,because he wouldn't have gone about it this way otherwise |
He had no choice. Customs woulda forced his hand.
It was either now, or next season, and for once, he made the right choice.
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