With the end of the transfer window less than a week away, Leeds United Supporters' Trust are very concerned by the lack of progress towards concluding the takeover of Leeds United. The appearance of representatives from GFH Capital at Elland Road last weekend led to optimism that the drawn out process of negotiations would soon be over. The past week, however, has brought no further updates, and Neil Warnock is now publicly suggesting that he will have no money to strengthen the team over the next few days. Despite his difficulties in building a competitive squad, Warnock has managed Leeds to two wins so far, and he and his players have enjoyed the vociferous backing of our fans as they battle to mount the promotion challenge we expected this season. Manager, players and fans are all pulling together to make this season a success, but these efforts could be in vain if they are not matched by effort in the boardroom. L.U.S.T. have enjoyed better relations with the club this summer after Shaun Harvey attended our policing event, and we believe the bidders are willing to work with us to achieve the aims of our Vision Statement. Ken Bates, however, has continued his policy of dismissing the genuine concerns of supporters through his programme notes. Over the last week L.U.S.T. have been inundated with requests for information, but we have felt that, with representatives of the buyers meeting publicly with Bates, a low-key period was the best approach in order to allow a deal time to be concluded. With time and financial constraints limiting Warnock's opportunities to prepare the team, we feel now is the right to time to bring that silence to an end. The position as we understand it is as described in this weekend's articles by Phil Hay in the Yorkshire Evening Post and TimPM on The Scratching Shed, and as alluded to by Neil Warnock in his interviews. The lack of transfer funds is indicative of a poor cash flow situation at Elland Road, which could leave the club in a precarious position if investment is not found. The takeover deal is now split into three independent parts, with negotiations between the club, the buyers, and Ken Bates. During the negotiation process, the buyers have made payments into the club; due diligence was completed several weeks ago, and the buyers remain patient and determined to see the takeover through. We understand that a deal for the takeover for the club is all but complete, and only separate negotiations with Ken Bates are delaying the deal now. This week's spontaneous 'Pen4Ken' protest showed that many Leeds fans want the takeover deal to be signed as soon as possible, so that the club can concentrate all its efforts on building for the future. We expect there will be many more demonstrations of this kind if a deal is not completed, and L.U.S.T. will always be supportive of fans who wish to make their voices heard in peaceable and original ways. We ask that Ken Bates, the club, and the buyers take serious notice of the wishes of the fans, and conclude the takeover as soon as possible. L.U.S.T.âs Vision Statement calls for change at Leeds United, and for three months now we have been on the brink of perhaps the most significant change Elland Road has seen for years. The future of Leeds United is more important than the personal interests of Ken Bates, and all parties involved in the negotiations need to pull out all the stops to make sure that the present opportunity is not squandered, and that the future of Leeds United is a positive one. The positive stuff I take from the statement is confirmation the Prospective buyers have already put money into club to keep it going. Bates is surely isolated with no apparent way of repaying this money if he pulls out of the deal. I say well done to LUST on both the content and the timing of this statement. Feeling a little more positive myself and might even sleep a little better tonight
I don't buy into any of it, but that's me, I like to look at things negatively first then get a surprise.
I read it different to that, they have put money in meaning they have forked out for DD which is down to them, like having a survey done. ????
I understand there was also massive concern that Leeds United failed to repay their monthly repayment for this loan to the club.
From the way I read it, LUST made it sound like they bought a single player (most likely Peltier if anyone). I find it hard to believe but then again if its practically there club now as LUST are trying to say it is then it is understandable. It does make me wonder what the seperate negotiations with Ken Bates are because, and maybe I'm wrong, but the way I read that was as if it isn't the fee but rather something else
There's a part of me that would like us to go into administration if this takeover doesn't go through PDQ. We lose 10 or 20 or whatever points, missing promotion (which we're going to do anyway); Bates loses everything ( & I will probably die laughing); and someone will be able to pick up the club on the cheap, leaving more cash available for player purchases etc. It's a bit simplistic, I know, but having looked at the books, does anyone think that the prospective new owners might just be waiting for this to happen (if our cashflow is a precarious as has been suggested)?
The seperate negotiations are the indemnity issue. I'm no lawyer but something to prevent any future skeletons from appearing and costing the new owners. That's what has been said by Phil hay and lust
I say LUST are making ot up as they go along. There is not one word in that long piece of self agandisement that was not available on the interweb (and we know how reliable that is). When they say "L.U.S.T. will always be supportive of fans who wish to make their voices heard in peaceable and original ways" I say thats just as well ass there is nothing they can do about it eithre way if they don't. IMO they should have learned the lesson from their last self publicity drive and STFU. They don't represent me and more importantly they do not represent the majority of Leeds fans either. The vested interest of the main mouthpiece of this unofficial fans group possibly getting a seat on any new board wouldn't have anything to do with their position would it? There is one way for LUST and all its supposed clout to solve the situatioon, buy the club. After all if thiings could are potentially as rosy as they say they are banks woulld be faling over themselves to invest or supply loans. The reality is that most of the fans who are chanting Bates out know nothing about football finance and are buying into the simple anti Chelsea thing. I want Bats out but he is right when he says most of those protesting have no idea what they are on about. If the club goes back into administration it wont be Ken Bates who caused it. It will be those who stayed away when the club needed them and the club ran out of cash. Cue:
Given our previous I suspect that a points deduction would be the least of our problems. No future creditor would come near us. No one would do business with us and we might be starting again from L2 or even outside the football league. If we go under again our punishment will make the Rangers situation look generous.
As I've said before, LUST doing a great job. We wouldn't have any idea of goings on without them. I'm a member and s'more than happy the way they are representing me. You have to admire people who get off their arses and actually do something on a voluntary basis rather than pontificate from behind a computer keyboard or smartphone
In my own mind I have no doubt that all player purchases have been through wheeling and dealing. There was an article about Snoddy having a £750k asset value, when we sold him we purchased Peltier for around that exact same amount just days later yet we had been chasing him and he had been waiting for us to finalise for over a month. I don't believe for a second that the potential people have put any money in apart from costs involved in the legal side of the negotiations.
Mmmm. Someone is feeling rather defensive and paranoid. A simple statement of fact: you just can't polish a turd. I really don't know what there is to argue about there.
No one was arguing. Just cos you clowns keep saying it is so, does not make it true. LUST begins to look more like a sect of brain washed delusionals prepared to swallow whatever bollocks you followers are fed.
Your opinion and your'e entitled to it. Less of the brain washed crap please. I have read as much into this takeover deal as most. I'm in my fifties and well capable of making my own mind up based on what I read. When the day of reckoning comes, I'll have no problem admitting I was wrong if it turns out to be the case
So who is that aimed at? I don't believe potential new owners have brought a player or ploughed finances in, that statement follows my post so curious if you are directing that at me??
