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[Archived] Leeds

den

By den
in Football Messageboard Archive

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philipl World Cup

philipl

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If the administrator thinks there is a viable going concern the other side of the administration process, he will pay the essential staff during the administration.

Clearly KPMG are either not sure there is a viable business or believe that everything around Leeds is so screwed up there is no certainty anything can be put back together.

Allowing Leeds 2007 to bank the season ticket monies in infringement of FA rules and not informing the other bidders what was in the kitty still leaves me gobsmacked- what were KPMG thinking of???

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Florida Rover Premier League

Florida Rover

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good find that Alan!There certainly was a difference in the treatment of each of the different clubs named.Reading the response of the woman it appeared she was a bit blindsided by the questioning no?(but could not give a satisfactory answer nonetheless) It would appear they should just wind Leeds up ,cut the players loose and let what will rise from the ashes in a few years.

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Fife Rover Champions League

Fife Rover

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good find that Alan!There certainly was a difference in the treatment of each of the different clubs named.Reading the response of the woman it appeared she was a bit blindsided by the questioning no?(but could not give a satisfactory answer nonetheless) It would appear they should just wind Leeds up ,cut the players loose and let what will rise from the ashes in a few years.

Which IS exactly what they did do with Accrington Stanley in 1962. Neither the Football league nor the Inland Revenue would allow them any leeway whatsoever. This in spite of the fact that most of their other creditors were willing to let them finish the season and see what the situation was then. But (I believe) Bob Lord of burnley fame was not!

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thenodrog World Cup

thenodrog

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If Leeds do go into liquidation, does that mean they will no longer be a football club (as with Scarborough)? Is that how it works?

The idea of Leeds United not existing any more just seems beyond belief.

Why? BRFC was 45 years old before LUFC was even thought of! :rover:

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Flopsy Champions League

Flopsy

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we can but hope though.

It does appear that they are getting away with it though. And I hope the league shows more balls than the FA and the Premier League and act for the interests of Football and not just for cash

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Billy Castell Champions League

Billy Castell

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Surely they must start the season -10 points. Unless they can say that they have been in administration since the last time they had 10 points deduced and therefore are able to sidestep that ruling. And does the transfer embargo mean they cannot even loan a goalie even if the other club pays their wages? I saw on the BBC that they have a keeper crisis.

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philipl World Cup

philipl

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A more considered analysis of the bind Leeds are in. Mawhinney's comments on the administrators are chilling.

Ken has not done anything illegal per se but a complex series of transactions placed Leeds assets in offshore companies so unconnected with him that they would waive their debts only if Ken regained control of Leeds. Ken then looked to use the law on company administration to give all other creditors a very deep raking.

Everyone seemed to be willing to go along with this until LD MP Phil Willis called it a sham in Parliament. Bates blustered about Willis abusing Parliamentary privilege but the reality of his legal abuse company law was exposed.

Since then no formula has been found to balance all the conflicting interests and the Football League have shown the Premiership, FA and FIFA what strong and responsible governance in sport is really about.

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Paul World Cup

Paul

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One comment from a Leeds fan:

adiy (Leeds United fan)

"lord mawhinney who is this prat the scum get a very dodgy deal to go ahead and we get f#@232D by this prat that i have never heard of before so at this rate we will not be a club anymore all i can say is WHO GAVE THIS PRAT A LORDSHIP I BET IT WAS LABOUR MAWHINNEY YOU ARE COMPLETE FOOL DO YOU EVEN UNDERSTAND ALL THE PROBLEMS YOU WILL BRING YOURSELF IF YOU KILL LEEDS UTD WHAT A PRAT I BET HE IS SOME PC IDIOT THAT DOES NOT CARE ABOUT FOOTBALL ONE BIT THEIR NEEDS A CHANGE AT THE FL BRING IN LORD JACK CHARLTON AND HE WOULD DO THE RIGHT THING MOT (THIS FOOL IS A COMPLETE FMFW) "

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philipl World Cup

philipl

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:lol:

David Hartnett is another name for the Leeds fan to have a rant about.

The uncompromising statement by the Inland Revenye that they want their £7.7m in full and the veil lifting on the Ken Bates companies has plunged this into a much deeper crisis.

It is not even clear that the current administrators can pull it back into administration.

The players must be very close to becoming free agents through unpaid wages. I am still of the opinion that the personalities surrounding this debacle are such that Leeds could be liquidated.

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Cheshireblue Premier League

Cheshireblue

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I was talking to a PWC partner yesterday about this. He believes that KPMG, who are the administrtors, are potentially looking down the barrel of a lot of pain as it was theur plan that that was pput foirward but amazingly didn't make any suggestions as to what would happen to future profits and whether any further payments would be made to the affected creditors going forward. They teach that on insolvency 101.

I suspect that means that there is an added level of complexity in terms of getting a deal done, as if there is one thing certain in this world, it is that an accountant will block any deal until he is sure that he is not exposed.

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USRoverME Uefa Europa League

USRoverME

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For some reason there's a massive Leeds support in the states, and a few of the message boads here are flooded with Leeds fans. Basically their story is that ther aer other local businessmen who have expressed an interest, but the combination of 1) the offshore creditors (with shady Bates ties) have enough voting power to block anyone but Bates buying the club and 2) the financial books are so disorganized that no-one but Bates knows where all the money and debt are, so no-one but Bates can offer an informed bid.

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den

den

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Liquidation nears. - Full article.

The Yorkshire Post have reported this afternoon that KPMG confirm they have told the Football League that they cannot resurrect the 'old' CVA, and that starting a new CVA process is also out of the question. As the League have demanded that Leeds complete a CVA before regaining full membership rights, we seem to have reached an impasse, and the club's hopes of survival are looking less likely by the day.

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