Leeds gone into admin ?

[Spud]

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

[Batch]

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.

[Red81]

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

[Simon Pieman]

Does pull into question the compensation money though  :|

[Red81]

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

[Reg Smeeton]

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.

[thedarkprince]

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:

[sonic youth]

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?

[pumbaa]

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.

[axs]

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.

[sonic youth]

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...

[millom red]

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

[Summerof69]

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".

[Crozzer]

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?

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

[Zurich Red]

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.