Revies dream

Woody · Revies dream

Revie's dream to revive United

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View GalleryBy Phil Hay
MIKE ASHLEY was once referred to as Britain's answer to Howard Hughes.

In keeping with the lifestyle of America's most eccentric playboy, Ashley is remarkably reclusive. Born in 1964 and now possessing billionaire status, his existence has reached the verge of mythical.

Ashley is a retail entrepreneur who never gives interviews and never attends industry functions. He lives in a mansion in Hertfordshire, but his neighbours claim to have never seen him. The same story is told by drinkers in a nearby pub.

A local newspaper attempted to solve the mystery by placing an advert in their own pages, appealing for information about Ashley. The advert failed to provoke a single response. Even now, the only clear fact about Newcastle United's prospective owner is that he is rich beyond the wildest dreams of Tyneside's natives.

Ashley's acquisition of a 41.6% stake in Newcastle on Wednesday was not the only takeover launched last week. On Monday afternoon, Wolves were sold for a nominal fee to Steve Morgan, the property developer who had previously failed in an attempt to gain control of Liverpool. Separated by two days and hundreds of miles, the takeovers at St James' Park and Molineux had one thing in common - nobody saw them coming.

To everyone other than those involved in the transactions, Ashley and Morgan were perfectly-kept secrets. It is often true that negotiations done on the quiet are also the most effective. Publicity was not the driving force at Newcastle or Wolves; in both cases, deals were struck with men who had the conviction, the discretion and - above all - the money to see their discussions through.

There is a subtle message in these developments for Leeds United's supporters, namely that the greatest proportion of bartering over investment in football clubs is done beyond the public eye.

As the number of days before the meeting of United's creditors on June 1 has shortened, the doubts over where a complicated process is leading Leeds have become increasingly complex.

Ken Bates and Simon Morris are confirmed bidders for a club which is technically and legally in the hands of administrators KPMG. Duncan Revie, having rejected the notion of bidding for United before the creditors vote on Bates' Company Voluntary Arrangement (CVA) next Friday, is halfway towards an offer after supplying KPMG with proof of funds on Wednesday.

A final decision will be taken by Revie over the weekend and it seems unlikely that, having come this far and already reneged on one claim that he was happy to take a ringside seat, the chairman of Soccerex will shy away from the contest, unless United's finances frighten him off. His comments yesterday made it clear, however, that the nod to proceed will come from Revie's Middle Eastern backer, rather than from the frontman himself.

Revie told the YEP: "I'm thinking with my heart, and this is something I'm serious about - provided we can do it properly.

That has always been my main consideration. I want to make Leeds great again.

"To get involved, the club has to be in the right position initially, a position from where we can make it successful. That's where the business side comes in.

"I'm approaching this with my heart, but my financial people are pulling me back and reminding me that we have to think this through sensibly, from a business perspective. We have to be sure that our plans would be workable. It requires a bit of head to go with the heart.

"That's why we'll spend a few days going over the figures before deciding whether to make an offer. We'll make a decision over the weekend and go from there."

Confirmation of an offer from Revie would increase the number of known bidders to three, two more than Bates would prefer.

Revie has spoken of United's chairman in friendly terms, describing Bates as "fairly honourable", but it is doubtful whether Elland Road would be big enough to hold both the 75-year-old and Revie's backer. A takeover would be exactly that. Morris' vision, meanwhile, unquestionably involves ostracising Bates from United altogether.

But the admission from KPMG that they have "been talking to other interested parties and received other offers" raised the suspicion that the faces and names known to the public may come to be seen as a diversion from silent manoeuvring behind the scenes.

It seems inconceivable that interest in Leeds is limited to the club's current incumbent and two other businessman. However sustained United's decline has been, the club carry obvious potential at a time when investing in football appears more appealing than ever.

Gerald Krasner, Leeds' former chairman, estimated that the CVA proposed by Bates would allow him to retain control of the club for £500,000, a figure which includes legal and administrative costs are included.

That price will be a bargain if and when United's potential is realised. And even if Bates were to sanction a sale within weeks or months of the CVA, prospective buyers would not be asked to contend with, or pay off, debts of around £35million. Leeds, in short, are saleable once more, and that fact will not have been lost on those with business acumen and a passion for sport.

More interesting than the contenders in the foreground are the rumours of what might be happening on the quiet. In a recent interview, Bates claimed that the majority of would-be investors in contact with him were completing unknown to the media. The takeovers completed by Ashley and Morgan would tend to support that claim. Far from ending the issue of ownership, an acceptance of Bates' CVA may actually serve to extend it.

United's chairman is confident of receiving the support of 75 per cent of the club's creditors at next week's meeting.

A large part of that percentage has already been guaranteed by Leeds' three major creditors, and the wage deferral agreed by the majority of Dennis Wise's squad may also add strength to the camp behind Leeds United Football Club Limited.

Krasner met last night with the Leeds United Supporters Club to address concerns surrounding Bates' CVA. He was also asked about Morris and Revie. All would probably agree that the technicality of connected and unconnected creditors, and how they are defined, is the one potential problem in front of Bates.

But what then for Leeds? Will Bates moved forward, or will buyers be sought? Are some lined up already? Bates has not given the impression of a man ready to walk, nor do the announcement of plans for pre-season or the hint that Wise has identified the majority of his transfer targets point to a regime ready to depart. The chance to sell up, though, would give Bates reason to think.

Both Morris and Revie seem keen to ensure that the 75-year-old's involvement with United never reaches that stage, and ends at next week's meeting. Everything rests on the CVA but, barring an unexpected development, it is likely that Bates will get his way.

Revie offered mild support to United's chairman yesterday, saying: "I don't believe Ken Bates has any other intentions than to make this club great again."

Whether that ambition is realised through his own designs or by passing the baton to others is for Bates to know and the city to find out

Joe1

Didn't read all that, too lazy, but I've read a few shorter articles so I think I get the jist of it. I've said it several times, I would love to see him in charge but only if he can do the name justice.