Thetownend.com

Apparently BBC Radio Leeds are reporting that Leeds have gone into admin.

I wonder how this will impact the compensation which we are due to receive for Wise and Poyet?

Hasn't the compensation already been paid? but then again Leeds may have taken the 'no win,no fee' option.  :(

dirty cheating cunts, will this also mean the 10 point deduction comes off this season instead of them starting the new season with -10?

Yes Bo...............its before the last game mate

Bastards

It's been confirmed...

http://news.bbc.co.uk/1/hi/business/6624731.stm

Very, very clever though.

And regards the compensation for Wise & Poyet; I believe we received a part payment when they left and the rest was due depending on whether Leeds stayed up or not.

Yeah points deduction not confirmed whether this or next season.  If it's this season then it's an absolute disgrace, effectively cheating!!

I think it's called 'working the system.', but it's what Rotherham did last year, but they called the administrators a few days AFTER the end of the season. That way, they did send Franchise down !!!

Well I dont want to say I told you so but........
Posted: Mon Apr 30, 2007 5:43 pm    Post subject:    

--------------------------------------------------------------------------------
 
Don't be surprised if they go into administration THIS WEEK.That way the 10 points get chalked off this seasons tally, rather that starting next season on -10.
You mark my words !!!

 :evil:

I thought I'd seen someone post that before...I hope the league see it as breaking the rule rather than "stretching" the definition of it and take the points off next season!

Nah that will never happen!

I see it as good business myself. Not sure our board would be that clever!

[ultramoment]

Leeds United have been relegated to League One after being deducted 10 points for going into administration.

The 10-point deduction - in accordance with Football League rules - means Leeds will finish the season at the bottom of the Championship.

However, they will not lose any points for the start of their first season in League One in August.

[/ultramoment]

Lifted from bbc site

cunts!!  I fucking hate that shit stain of a football club!

Ken Bates knows every trick in the rule book.

And many that aren't.

Fucking papa smurf cunt

I really hope those Cunts do shit next season!  :evil:

If Leeds default on the Wise compo do we get his contract back?!

We could get him doing some odd jobs around the county ground, work the burger stand, that kind of thing.

Oh, wait, we'd have to pay him a wage too. Forget that then.

just on sky sports news. They wont be deducted any points next season. Cunts!

Does pull into question the compensation money though  :|

they're in debt of around 35 million, so yes compensation questionable indeed

I think we should have restructured our CVA this week, thus getting our 10 point deduction out of the way....we'd still be in the PO's, with no chance of progress, which is probably what will happen tomorrow, but we'll get our penalty and fuck up next season, which could have been avoided.

Any one hear the bit about the administrators having sold the club back to Ken Bates?  

So Leeds have been technically owned by three parties in one day: Ken Bates - Administrators - Ken Bates!

Cheating cunts!!!    :fu:

if there's still money owed to us for wise/poyet then we'll surely only get a fraction of that now as we would technically be a creditor?

For one moment, I most certainly do not condone the action of Leeds today, BUT I can understand why they have done what they have, when they have.

That doesn't make it right though, and I think the Football League still need to take a look at this whole Administration issue as it seems clubs like Leeds are milking the system in this instance.

It also seems odd that Ken Bates has effectively bought the club back and wiped clean a whole load of debt. More fishy than Grimsby Fish Market IMHO. I'm not going to accuse him of being fraudulent as I don't really understand the nuances of what has happened, but something doesn't seem right to me.

Waffle mode OFF.

there's a rule in place and he has played within the rule at the optimum time, not that i wish them well or anything, but he's been quite shrewd on this one and i don't think there will be any repercussions points wise.

i don't think you can blame leeds. we'd have done the same under the circumstances just as any other team would have done.

the problem is the ruling and the enforcement of it.

coxy's right though, something very peculiar about bates buying back the club like that...

There are several other interested parties so this is not cut and dry yet with regard to whether Papa Smurf keeps hold of the club. The administrator is duty bound to examine any creditable alternatives within a set period of time i believe, in the interests of the creditors. And from what i heard on ssn earlier, there are alternatives, including the supporters trust.

Millom

The Administrator KPMG has already sold it back to him, subject to approval at a creditors meeting :

A KPMG statement said: "Shortly after their appointment the joint administrators agreed to sell the business and its assets to a newly formed company.

"This company is 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).

"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."

KPMG revealed Leeds had debts "totalling approximately £35m, with a cash injection of approximately £10m required to continue trading".

Hopefully, the keep Leeds up dosh was only in question.  WEston to sign for Leeds on a free.

Apparently all football-related debts have to be paid in full when you go into administration. So we get any outstanding compensation due and Gary Kelly gets his £650,000 loyalty bonus that they've been trying to avoid by not playing him.

<Caveat> An utterly unsubstantiated rumour that has less credibility than a Fatbury Source </Caveat>

I heard a rumour this morning that the FA/Football League are investigating the legality of Leeds applying their 10 point penalty against this season's points total.

IMHO, I don't believe the credibility of my 'source', however it would be nice if it were true.

Lets see how many hares this one sets running....

I read on the bbc link that football related debts get transferred to the new owners once the company is sold. It could mean that we don't see our money for a long time or at all.

Their football related debts top £11m, we're just a drop in the ocean compared to that

Apparently Ken Bates have offered the creditors only 1p in the pound, meaning he'll only have to pay £350k for £35m worth of debt !! :shock:

The cheeky buggar - I think Leeds seem to have perfected the art of utilising and bending the rules as fas as they go!

Bates leads buy-out pack

The proposals to Leeds creditors sent out by administrators KPMG yesterday reveal the Ken Bates-led regime will pay them just 1p in the pound.

It means former Leeds manager Kevin Blackwell, who was claiming £300,000 for breach of contract and wrongful dismissal, will get £3,000 at most.

The Blackwell court proceedings were written off when Leeds went into administration and managers are unsecured creditors. Leeds were due to defend Blackwell's claim, alleging his sacking was for gross misconduct.

Despite 35 shows of interest in buying the club, Bates is the only bidder so far to have satisfied KPMG that he has the necessary funding.