How so? They have made a decent fortune from a position of being about to lose control and get nothing at all.
Barely. I'm not going to run through the accounts but I imagine they have a **** load of loans to the club at daft interest rates.
Thorp Arch was originally on a fixed price repurchase, as long as the purchase took place before 2012. Bates promised to use the Delph money £8m to do the deal. he didn't do it and put the £8m in his pocket. The fixed price ran out and would go to market value and back then it became £13m. So great businessman (Not) Bates could have bought it for 8 and had a quick profit of £5m, but he didnt do it ..... why ......Anyway Bates then took out a loan of £7m to do up the East Stand ... why .... Anyway the upshot is that Cellino quite rightly said fook TA cheaper to start again which makes sense. Although the Bates fiasco is still amazing as he could have spent 5 and sold it again for 13 making 5 profit. Maybe Bates and mates already owned TA and preferred charging the club rent. The owners of ER are old Bates mates from Teak Trading (Bates scam offshore shell company) and former part owner of Leeds Utd. Jacob Adler. You just know that Bates and Mates are involved, but at least there should be no problems repurchasing the ground as a straight forward deal. Bates and mates have loved getting rent for the place whilst still owning the asset.
Been working around Bermondsey today and have got a new Number plate sticker on my truck.2 guys wearing Millwall tops smashed my windscreen. Could have swerved to miss them but thought fook em.
Leeds sold TA to a "private buyer" in 2004 with a buy back option which expired on 15,10.09. Bates said that the club could not raise the £5.8 million needed before the deadline, this despite the club declaring a profit of £4.5 million in June 2008 and selling Fabian Delph for £6 million in August 2008. The plan then was for the council to fund the loan and lease TA back to the club. The plan fell through and Bates blamed the council for introducing late conditions which he could not answer before the deadline expired. Andrew Carter for the council said the conditions were there all along.The only beneficiary from this farce was the mystery buyer who continued to be paid the rent.
told off twice in one day............it's like being back in school. That doesn't answer my main question though, can Cellino still sell up even though ER and TA are owned by others...
Of course he can Shaks but the package would be more attractive to a prospective buyer if Elland Road was included and likely get Cellino a better price. I wouldnt imagine many foreign buyers would appreciate the cloak and dagger stuff of paying rent to unknown individuals
