If takeover doesn't go ahead, I assume Bates will have to pay the due diligence bill, if he's the one that pulls out of the deal. Of course that money would come from the club funds same as his court cases etc so this takeover attempt could end up costing us money in the long run. Am I correct in ths. Maybe LUST guys can shed some light on this
Bates won't have to pay for DD as thats paid for by the potential buyer. He will however have to pick up legal costs from our side, as we will have had lawyers involved (Mark Taylor usually deals with this as company solicitor and company Director) There will be a thing called an IM document, which in effect is a very large sales brochure. To put that together requires a lot of work because it shows every aspect of the business and can include anything and everything down to plug sockets. The big one is obviously detailed accounts (Which are then done in even more detail when exclusivity is agreed and a fee paid) Its really a thick glossy brochure that can be up to 100 pages and costs a fortune to put together, because its normally done by the likes of KPMG or PWC etc. I'm hoping for some news this week, one way or the other.
I've heard that news myself as well. So I hope the potential owner makes a statemnt and tells the fans why they pulled out. We know Bates will have his own PR spin put on it, blaming greedy ragheads or something. The mans a complete ****
The Leeds United Supporters Trust can confirm that the deal to buy the club has now collapsed. We will be making a more detailed statement later on today once we have had the chance to establish more.
Slight positive: I don't see how Bates can fully recover from this. The truth will out and I really can't see it putting him in a very good light.
I feel a bit numb about it all Simon - I did see it coming but it doesn't soften the blow, harping on I know but this stems back to Snoddy not liking what he heard when the supposed new owners spoke to him. I think we all saw it coming in the end, we just chose not to believe it because we didn't want to. I am quite gutted as I am sure everyone else is...
I'm more worried about not hearing the potential buyers side of the story. They will have signed an NDA (Non disclosure agreement) They will be legally tied to keeping any comments mild. Yet Bates will more than likely lay the blame on their doorstep and call them a few names. bates is and always will be a fooking bandit and after 8-weeks of DD these people have seen flaws in the accounts and want to know why money from the business has vanished. Warnock only stayed because he liked what he saw and heard from the potential buyers. Now its collapsed he's no money again and forced to sell players. I think Warnock may jack it if this team he's assembled don't perform
We all want someone to blame and point our anger to at the moment, I am sure they will release reasons why but it would still be nice to hear it direct from the new owner that wasn't and their side from the horses mouth so to speak. I just know that when the contents of the programme notes are released on Saturday it is going to make me blow a fuse.
It may have to come from LUST. Bates is a liar so I dont care what he has to say. Its unlikely the new owner that never was will say anything as he has never even been identified, so he doesnt need to comment
The bottom line is the fans were strung along! Bates has went out and bought Portsmouth F.C. on the cheap and will sit in Monaco raking in huge profits for another season. I had to laugh at the vitriol spouted towards elmo + bob last night. At least these guys don't live in cloud cuckoo land and know that the only way to get our club back is to starve the ****er out!
Lets not turn on LUST lads. They are the ones who broke the news and have asked for updates for the fans! The club has said **** all now for months! Anyone seen this tweet? @TheSquareBall Buyers tell @APOPEY that they will come back to the table if originally agreed terms are met. Ken moved goalposts at last minute. #lufc Hardly a surprise. Lets just hope the dialogue is still on and theres room for negation. Bates playing hard ball shocker.
