According to an LUFC twitter page called @Lufcupdate ' Lufc accounts: Club has option to buy back Elland Road for £14.85m. Accounts say East Stand work has increased value of ER+land to £54.72m' Discuss... Edit: Just realised the title of this thread isnt really correct but you get the jist
Ive not a clue. Could be literally anyone hiding behind offshore accounts and that. Heard the caddicks rumour though. sounds plausible
So basically - Ken Bates is using YOUR money to build on and improve HIS ground - the bloke is a thieving bastard!!
Exactly TC and its his club so he's going nowhere unless he dies or sells up so he's going nowhere then
Hmm, I may be missing something or seem stupid here but whats the actual issue? He has spent money on a stadium that he is going to buy back for a set figure that will not change, whether he or someone he knows actually owns it anyway is irrelevant. It wouldn't have been where I woulda spent the club's money but its not completely idiotic if it is at all. As I say maybe I'm missing something here
Missing something? Stupid? Don't be so hard on yourself Josh! We have plenty others who will do it for you! See, it is like this, plain and honest. Many people have a hard time distinguishing whether the owner is doing something to benefit Leeds United or to benefit Ken Bates. Yes there is a HUGE difference.
I understand that it is most likely benfitting Bates more than Leeds United but people where specifically complaining about spending money on a stadium that we didn't own. Thats fair enough however if that figure is set and I don't know when it expires but if it is bought for that figure then I don't see a problem with renovating the stadium, again though at this point in time it wouldn't have been where I would have spent the club's money
Josh - cashflow and keeping the club afloat while remaining competitive. That's half the problem. Bates is not doing what he said he would do. He said the club would have to finance itself. In a way he has done that. He has managed to get credit to do things based onthe club's own finances. But to get that credit he has had to promise the next 2 year's season tickets money, and he has had to sell preferential shares at a 25% markup rate. He had to do this in the summer, while we were building the East Stand, at which point the work suddenly seemed to stop. This seems to me like we had a cashflow issue. Then. But if he has spent all the money from that, where is the cashflow coming in for taking the club through the next period? It's like a Ponsi scheme. He is grabbing credit from others to pay back the credit he has taken from other others. Bates and Harvey are taking us down a very long and winding vertically down track. The only way he can turn it round is to sell up or get promoted or get the fans back in. My guess is he could well be going hell for leather (in his understanding, that may be £5m for players) for promotion this coming year, and if we fail, it will be just as bad as when PR Pete gambled and lost.
