Official: Leeds to go out of business

[Hiney]

The big thing here is that Bates is quite CLEARLY taking the piss out of everyone who is owed money by Leeds. He has obviously had some pretty high-powered advice and is taking FULL advantage of the rules as they stand.

The Inland Revenue are owed what, about £7million. They are, IMO, quite rightly turning round to Bates and saying "DON'T take the piss out of us pal, 1p in the pound is f***ing stupid and you KNOW it"

Personally I would like to see Bates drummed out of football altogether but I would NOT want to see Leeds go out of business.

 

[Hiney]

The big thing here is that Bates is quite CLEARLY taking the piss out of everyone who is owed money by Leeds. He has obviously had some pretty high-powered advice and is taking FULL advantage of the rules as they stand.

The Inland Revenue are owed what, about £7million. They are, IMO, quite rightly turning round to Bates and saying "DON'T take the piss out of us pal, 1p in the pound is f***ing stupid and you KNOW it"

Personally I would like to see Bates drummed out of football altogether but I would NOT want to see Leeds go out of business.

 

[Simster]

How in any shape or form is it GREAT NEWS as you put it?

It's great news because Ken Bates will get f***ed over.

And the sycophantic sadness for the state of other football clubs borders on the moronic on this site. At the end of the day, the worst that can happen is that Leeds fans end up starting again watching shit amateur football for 6 or 7 years.

I just think there are more important things to worry about.

 

[bigc]

I assume if Leeds were to go out of business, the scenario would be similiar to what happened to Fiorentina in Italy. A quick re-emergence, I think the key is that the emergence is WITHOUT Bates!

 

[Robot Chicken]

Slippery slope. You wait years for a club to go out of business and suddenly you get Scarborough and now possibly Leeds and Swindon.

There but for the grace of God.

 

[Jimbo26]

Leeds United, as much as I hate them, will be fine. That is 4 points for us next season !!.

 

[El Presidente]

Just to continue from my previous post - I think we should do it before they tighten the rules. We don't own the ground so we've nothing to lose. Lets go bust, wipe out our debt and, voila! 6 million (or 12 million depending on what figures you use) that doesn't have to be repaid!

Come on Brighton and Hove Albion (2007) Ltd!

One slight flaw Sherlock, of the £12million debt, over £10million is owed to the directors. They are hardly going to put forward a proposal to lose 90% of the monies owed to themselves.

 

[El Presidente]

At the end of the day, the worst that can happen is that Leeds fans end up starting again watching shit amateur football for 6 or 7 years.

They already are seeing such football under Dennis Wise

 

[Simster]

They already are seeing such football under Dennis Wise

Almost true - I believe they are currently paying their players to be utter gash.

 

[Easy 10]

Bates on 6th June:

Bates told BBC Radio Leeds: "The Inland Revenue acted extremely unreasonably.
"Over the last two-and-a-half years Leeds have paid between £15m and £20m to the Revenue, but our cash flow dried up and we asked for a holiday. The Revenue said no and put foward the petition to wind up the club. I'm sorry small creditors have lost money, but that is totally down to the Revenue." Bates added: "We were happy to pay everyone over a period of time. The fault for Leeds United creditors should be place fairly and squarely at the Revenue's door. "

Perhaps in hindsight this cantankerous old WANKER might have picked his words more carefully, instead of laying the blame for Leeds's financial woes at the Revenues door. Bates has clearly riled the Rev, and they are absolutely RIGHT to tell him to poke his 8p in the £ up his hairy old arse.

PAYBACK time Bates, in every sense of the word. I am LOVING the shit he has dug himself into. Couldn't happen to a nicer bloke.

 

[Easy 10]

And what about Bates laughably offering to up the offer to a mighty 30p in the £ if Leeds make the Premiership "within the next 10 years"

If Leeds somehow had the kind of money to invest and make THAT happen within 10 years, they should just pay the creditors off outright. Only Bates could make an offer to pay 30% of their debts if they ever climbed aboard the Premiership gravy-train and somehow STILL keep a straight face.

I don't wish any club out of business, but I really can't help but relish the unholy mess Bates, Wise and Leeds now find themselves in. Its glorious.

 

[Gully]

Talk about lightening striking twice in the same place, weren't Leeds United formed as a result of Leeds City failing due to financial irregularities...what next Leeds Athletic?

 

[Barrel of Fun]

8p in £1. What an absolute goon.

 

[Easy 10]

8p in £1. What an absolute goon.

OOOH but GUESS WHAT GUYS

If we make the Premiership by 2017, you can have....wait for it....a whole 30p in the POUND !

No wonder I look like Father Christmas eh ?

 

[seven stands]

wont the administrators ( or whoever ) just sell the club to one of the other groups who want to buy leeds ?

 

[Easy 10]

wont the administrators ( or whoever ) just sell the club to one of the other groups who want to buy leeds ?

Bates wants to own Leeds, which is why he set up the company to buy the club as soon as it went into administration. Any outside party who wants to come in now would be trying to dislodge an egomaniac and take on £35m worth of debts for a club with few assets, currently on its arse in the 3rd Division.

I doubt buyers would be queing up.

 

[seven stands]

Bates wants to own Leeds, which is why he set up the company to buy the club as soon as it went into administration. Any outside party who wants to come in now would be trying to dislodge an egomaniac and take on £35m worth of debts for a club with few assets, currently on its arse in the 3rd Division.

I doubt buyers would be queing up.

oh that doesnt sound good for the Leeds fans or Leeds

 

[Barrel of Fun]

Do they not have to sell more of their assets?

Healy? Beckford?

I do not want to see Leeds go out of business, but I want Bates to end up a ruined man (not that it will happen).

 

[supaseagull]

Bates wants to own Leeds, which is why he set up the company to buy the club as soon as it went into administration. Any outside party who wants to come in now would be trying to dislodge an egomaniac and take on £35m worth of debts for a club with few assets, currently on its arse in the 3rd Division.

I doubt buyers would be queing up.

All together now...

"some things in life are bad, they can really make you mad..."

 

[sully]

I meant "Administration" but I suspect I'm still wrong.

No, you are absolutely correct in that a CVA is a way of getting out of administration.

It's one of the things (along with planning law) that I never expected to learn most about due to following the fortunes of various football clubs!!