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PostPosted: Mon Apr 30, 2007 10:55 am 
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http://news.bbc.co.uk/sport2/hi/footbal ... 606823.stm

Meeting today to discuss going into administartion in the next 7 days.

Before you rejoice recognise that this is an attempt to get into administartion THIS season & so take the 10pt hit now, rather than next.

If they do thry this on it (a). must not be permitted and (b) should be seen as yet more "dirty Leeds" tactics.

The fans & the management are all a disgrace.

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PostPosted: Mon Apr 30, 2007 10:57 am 
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bobo the clown wrote:
http://news.bbc.co.uk/sport2/hi/football/teams/l/leeds_united/6606823.stm

Meeting today to discuss going into administartion in the next 7 days.

Before you rejoice recognise that this is an attempt to get into administartion THIS season & so take the 10pt hit now, rather than next.

If they do thry this on it (a). must not be permitted and (b) should be seen as yet more "dirty Leeds" tactics.

The fans & the management are all a disgrace.


I can just see it now, SPAM get a fine when they should have had points deducted and Leeds the other way around. :roll:

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PostPosted: Mon Apr 30, 2007 11:03 am 
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bobo the clown wrote:
http://news.bbc.co.uk/sport2/hi/football/teams/l/leeds_united/6606823.stm

Meeting today to discuss going into administartion in the next 7 days.

Before you rejoice recognise that this is an attempt to get into administartion THIS season & so take the 10pt hit now, rather than next.

If they do thry this on it (a). must not be permitted and (b) should be seen as yet more "dirty Leeds" tactics.

The fans & the management are all a disgrace.

Again!

Last time they did this they managed to write off £50 milion worth of debt. They shouldn't be allowed to get away with it twice.


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PostPosted: Fri May 04, 2007 4:04 pm 
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http://news.bbc.co.uk/1/hi/business/6624731.stm

I'll reserve my 'haa-haa' until we find out whether the points deduction applies to this season or next season.

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PostPosted: Fri May 04, 2007 4:37 pm 
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Didn't take long to find out.

warthog wrote:
They shouldn't be allowed to get away with it twice.

I'm afraid they have been. It seems the 10 points applies to this season. KPMG, the administrators, have apparently already agreed to sell the club to a certain Mr Kenneth Bates.

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PostPosted: Fri May 04, 2007 4:42 pm 
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this along with the west ham thing is showing the fa to be one big f*cking joke


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PostPosted: Fri May 04, 2007 4:45 pm 
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There you go. (At least Dick Turpin wore a mask.)

Leeds United Football Club – KPMG Administrators appointed

KPMG News 04 May 2007

Richard Fleming, Mark Firmin and Howard Smith, of KPMG Restructuring, were today appointed administrators of Leeds United Association Football Club Limited at the request of the Club’s directors.

Shortly after their appointment the joint administrators agreed to sell the business and its assets to a newly formed company 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). This would see creditors forgoing a significant element of their debt, in order to allow the Club to continue trading under new ownership. 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.

Richard Fleming, joint administrator and KPMG Restructuring partner said:

“We were asked by the board of directors to advise Leeds United on Monday 30 April 2007. The Club has experienced significant financial difficulty for some years and was burdened with historic debt and wage structures.

“It was necessary for the Club to enter administration as its balance sheet dated 31 March 2007 indicated debts totalling approximately £35 million, with a cash injection of approximately £10 million required to continue trading. Further, Her Majesty’s Revenue & Customs (HMRC) recently issued a winding up petition for approximately £5 million. If this debt had not been paid by 25 June 2007, the Club may have been forced into liquidation.”

The administrators understand from discussions with the Football League that the administration will result in the immediate deduction of 10 points from the Club’s current points total in this years Championship. This means that next season the club will start the campaign in League One with no points deducted.

Richard Fleming concluded: “This agreement has been reached quickly to maximise the possibility of survival of this major football club, to minimise uncertainty for all the Club’s stakeholders and supporters and to allow the Club to plan ahead for next season. There is now a big decision for the creditors to make at their forthcoming meeting.”


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PostPosted: Fri May 04, 2007 4:49 pm 
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This whole thing reeks of underhanded financial dealings - the Club gets sold to some existing investors at a good price, the other creditors get screwed and the debts are cleared. The procedure makes no sense to me. I think over here a club would be forced to sell its assets (i.e. players under contract) to repay the creditors before having the debt expunged.

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PostPosted: Fri May 04, 2007 4:53 pm 
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Interesting discussion going on here. It looks like Ken Bates wins all ways.

http://www.motforum.com/forum/viewtopic.php?t=13458

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PostPosted: Fri May 04, 2007 5:11 pm 
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James B wrote:
this along with the west ham thing is showing the fa to be one big f*cking joke


The FA does NOT control Coca-Cola Leagues. The Football League does. And the Football League cannot tell a club not to go into administration.

They'll be docked points this season.

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PostPosted: Fri May 04, 2007 5:29 pm 
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Zulus Thousand of em wrote:
Interesting discussion going on here. It looks like Ken Bates wins all ways.



No surprise there then. IIRC he did something similar with Chelsea when they were in mountains of debt. He developed another company to run in tandem with Chelsea FC (something like Chelsea holdings) then carefully transferred all the debts of one on to the other. When he wound up one of the companies with loads of unpaid debts the creditors were a bit miffed to say the least that it had no assests. The ground and the playing staff had all been shifted into the solvent company.

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PostPosted: Fri May 04, 2007 6:34 pm 
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James B wrote:
this along with the west ham thing is showing the fa to be one big f*cking joke


Yeah this stinks. Leeds have done this in the past and avoided paying off creditors. Lots of investors were left short changed. So many loopholes.

Can't wait to see if West Ham stay up. That will be one mighty can of worms opened.

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PostPosted: Fri May 04, 2007 6:37 pm 
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bobby5 wrote:
James B wrote:
this along with the west ham thing is showing the fa to be one big f*cking joke


Yeah this stinks. Leeds have done this in the past and avoided paying off creditors. Lots of investors were left short changed. So many loopholes.

Can't wait to see if West Ham stay up. That will be one mighty can of worms opened.


Yeah, what's the betting that we get three penalties tomorrow! :D

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PostPosted: Fri May 04, 2007 6:39 pm 
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You'd think they would be clever enough to think

'Wait on, SPAM have just got away with what they wanted because they are in the big club clique, does anyone think that maybe, just maybe people will cotton on if we do the same by giving Leeds what they need two weeks later?'

:roll:

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PostPosted: Fri May 04, 2007 7:11 pm 
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The FA have nothing to do with either West Ham or Leeds.

The Premier League dealt with West Ham, and the Football League deals with Leeds.

Don't get the two confused.

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PostPosted: Fri May 04, 2007 7:13 pm 
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Nozza wrote:
The FA have nothing to do with either West Ham or Leeds.

The Premier League dealt with West Ham, and the Football League deals with Leeds.

Don't get the two confused.


With fair play!!!!!!!!

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PostPosted: Fri May 04, 2007 7:37 pm 
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warthog wrote:
bobo the clown wrote:
http://news.bbc.co.uk/sport2/hi/football/teams/l/leeds_united/6606823.stm

Meeting today to discuss going into administartion in the next 7 days.

Before you rejoice recognise that this is an attempt to get into administration THIS season & so take the 10pt hit now, rather than next.

If they do thry this on it (a). must not be permitted and (b) should be seen as yet more "dirty Leeds" tactics.

The fans & the management are all a disgrace.

Again!
Last time they did this they managed to write off £50 milion worth of debt. They shouldn't be allowed to get away with it twice.
An absolute, total & utter disgrace.

Football should not allow them to get away with this.

All right-minded fans should kick-up about it. Indeed teams next year should threaten to refuse to play them.

The haste with which the FL have responded shows they are quite happy about it.

I hope they are made to sink without trace.

Total piss-take.

Fcking outraged.

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PostPosted: Fri May 04, 2007 7:51 pm 
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Another reason why I am falling out of love with football recently.

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PostPosted: Fri May 04, 2007 7:59 pm 
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Agreed. Couple this with the high ticket prices, falling attendances, lying cheating, brawling players.

The money's ruined the game.

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PostPosted: Fri May 04, 2007 8:12 pm 
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Nozza wrote:
The FA have nothing to do with either West Ham or Leeds.

The Premier League dealt with West Ham, and the Football League deals with Leeds.

Don't get the two confused.


And the Premier and Football Leagues aren't ultimately governed by the FA?

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