Leeds gone into admin ?

[pumbaa]

<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....

[Simon Pieman]

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.

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

[Summerof69]

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:

[mattboyslim]

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!

[Summerof69]

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.