Very well said. If the deal collapses and that is indeed the makeup of the dream team, I hope we never find out. I don't think I could tolerate dreaming about what might have been for ever more
I think this has been the major problem for LUST Bucks - They need to use social media outlets like facebook to get the message across but then at the same time it can consume every spare moment of your waking time. Maybe in hindsight (which is a beautiful thing) LUST should have released a little less information. I admire the majority of what they are doing however statements along the lines of "Leeds Utd and Bates do not have the finances to see the season out" wind me right up, they then make me question other aspects of what they do. Part of me 'understands' what they are attempting with this, the other part finds it unprofessional. Of course they might be right and it might be me that is wrong and financially we are in the ****. I would however point to common sense - Bates can sign a paper that will pocket him in the region of £50m, if like it looks at the moment he decides not to sign then it hardly spells of a chairman about to go under. The money comes into the club and goes into Bates pocket, if he stops syphoning it out we are financially sound. Would he syphon so much out that it meant losing everything? He might be a lot of things but even he isn't that stupid.
Unfortunately the ball remains very firmly in Bates' court, he holds all the aces and thrives on all this cloak and dagger stuff. He loves the fact he has all the power. Sell up now or carry on milking a few million every year out of the club - it makes no odds to him. The worrying thing is, should Bates die today and the deal remains unsigned, I really do fear the worse. Who really owns us? Would it pass on to his wife and five offspring?
Except that he said you, and most other posters on this board, weren't a real fan in the process. Even when he has something nice to say, his school playground jealousy shows through the cracks. The mangy ball of ****-fur ought to go somewhere he's appreciated. Like the afterlife or somewhere.
How did I know you'd bite and STILL get the wrong end of in issue that's baffled you for years. I've said before, you're best off just not replying to me. You always just end up looking a tit.
http://lufctrust.squarespace.com/blog/2012/9/7/where-has-the-money-gone.html - This is where too many 'assumptions' are made by LUST in my opinion including a statement that potential buyers have put in £4m for new players I find this so hard to believe. Now LUST are asking where has the money gone, they are pointing out that there is money yet a previous statement from them said according to their expert's LUFC have a cash flow problem and wouldn't see the season out without investment...
LUST lost it with me before the season started, by saying they had players who had been in touch, who were upset about the lack of ambition. Easy to say that, because we as fans have been saying it for years, but there was no substance to it and no other media outlet even looked at it. Including the lazy prats at the YEP. As for the takeover and where i disagree slightly with Ristac is: Bates wanted to or needed to sell, otherwise he wouldn't have entered into negotiations. A T/O was going on as a fact, but its dragged on for far too long and the only reason it can have is because something was turned up in the DD. Now stories about indemnity agreements etc, may well be true, but it looks more like they have requested a lower sale price because of what they found. Whatever they've found isn't good and Bates has been put on the spot. He tried to call their bluff a few weeks ago and it didn't work and Harvey has now changed sides against Bates. Bates is in a precarious position because he knows if the deal collapses, some brown stuff will come out. Even though we all know Bates will try and put a spin on things and tell us the deal wasn't right for the club, and these lot were just chancers etc. We know thats not true because they were vetted and he told us they were sound and had passed the fit and proper rules and had proof of funds etc. This thing is deeper otherwise it would have been over ages ago, and Bates and his web of offshore companies isn't going to stand up. One thing that will have been poicked up is the amount of cash that left the company on consultants fees. These fees have been paid to Patrick Murin (£187k) last recorded one to him, but he's had a few bites. And remember he was involved with Chelsea, Chelsea harbour, Chelsea Village, FSF, TEAK, KRATO and all the other Bates shell companies. He's also banned from being a director by the FSA. He was also heavily involved in the AdMatch court case where a judge told him he was a liar as well as bates and Taylor. Mark Taylor our own solicitor and director has been recieving huge wedges every year for legal work. Why when he's already paid for doing his job, and what consultancy work does he do for us that deserves such a high fee. How can the club have owed Yorkshire Radio £800k ffs and theres loads more like that. None of us know the depths to whats been going on, all we know is that we are always in debt, even though we have fantastic support and generate loads of cash. Bates has to sell players every year so he can post a small profit. He's borrowed millions against future ticket sales, why?
@ Doc I don't think Bates had any real intention of selling, he was just going to see if he had an offer that was too good to be true. I don't doubt for a second that a T/O was/is going on but let's also remember the potential buyers approached Bates, he did not go seeking them. He doesn't need to sell, LUSTs latest update on where has the money gone shows how much he is making out of us as a club. I can also guarantee that Bates will have ensured potential buyers signed a confidentiality agreement, when he has finished toying with everyone he will be safe knowing it can only be his side of the story that we hear and then it will be a brief one.
Ristac I think you're overlooking the fact that a lot of corporate legal expenditure goes into these deals, by both sides. Each side will have a big bill and every day it goes on the bill ramps up. Trust me on this one, its more serious than Bates just testing the water. How do you know it wasn't Bates's people looking for an investor/buyer. It seems funny that there were at least 2 and probably 3 deals on the table, so suggests that its been going on for some time. Exclusivity was agreed with Bates's favourite and funds tied up. Bates will have spent a small fortune having the IM document prepared (Information memorandum) which is really a very large sales brochure that lists all aspects of whats for sale and all the data to back it up. All prospective purchasers will have had a copy, and the exclusivity deal means that the prospective buyer can then get access to the 'Data room' which is in the offices of a KPMG/Ernst & Young type office. This is an expensive thing to do and whichever company we used will be on a big fee, plus the legal DD is a seperate thing completley and again a big cost. too much money involved for just testing the waters mate. If Bates has had this work done and all ascociated costs its because he wants to sell or needs to sell.
Doc - Fans were going mad last season about the lack of investment in the squad, asking where player fee's had gone and why we had one of the lowest wage bills considering our gates. Bates turned around and basically said it is his way or no way, he doesn't see a queue of potential buyers, show me a serious buyer who can prove funds and I shall listen. Step forward LUST who formed and set about finding a potential buyer. Bates has gone along with the whole thing as an exercise to appease the fans. Bates wouldn't pay for DD that is down to the buyer, even if Bates has had to fork out £1m in legal fee's that is nothing to what he has saved with a cry wolf scenario on a transfer fee or two. He will just put it down to an expenditure and a tax loss come the end of the financial year, he probably thought that talk of a takeover would boost gate receipts and season tickets by a few 1000 too. Bates doesn't need to sell and he won't, bookmark this page and this time next year when Bates is still in charge and we are still scraping around the bargain buys I can say I told you so
My take on things is Bates will sell I hope that in fact a deal has been agreed and there thrashing out details as Bates would have tried to leave in a few nasty surprises like he did at Chelsea. All these injuries may force his hand as well. If he cant afford to give Warnock a squad then he will lose value this season. I just want the saga to be put to bed now one way or another so we know where we stand. If Bates stays on the backlash has to be huge IMO but balanced to not affect the teams performances at Elland Road. He's killing us but he's going down swinging the old bastard.
I am off for a week in France in the morning so you will all get some peace. I really hope I am wrong and come back to find Bates gone. However even if that happens it will not be down to LUST.
We all hope your wrong pal Have a good break though, LUFC owe me for a summer! You got to credit LUST for finding the potential new buyers though haven't you? They have no influence what goes on inside the boardrooms, ultimately its down to Bates to sell now and the main question has to be why he is dragging this out? Cant be purely to spite us as he will walk away from any deal laughing his arse off about how he saved us and made megabucks from it all.
Leeds United Supporters Trust should stick to raising awkward questions over cash flow and ownership. The only time Ken Bates will sell up is when he fears his house of cards might otherwise collapse. LUST should: Pressure the FA Pressure the Football League Pressure MP's Picket the Prime Minister every time he visits Leeds Question the HRMC over gaps in the accounts Lodge a formal complaint with West Yorkshire Police over any suspected fraudulent behavior
Old Peacock, as much as we hate Bates, I don't think any of those avenues are worth pursuing. The FA and FL have nothing to do with club accounts unless we actually go into admin. Until then, any problems are an in-house matter. The FL are already involved along with Ofcom and the ICO with the breach of personal info in Bates' programme notes, and in the complaints about LUST board members being banned which violated the club's Customer Charter. MPs and the PM can do nothing. I think they're all ****s anyway, so it's not for me to condone their involvement. LUFC haven't failed to have the appropriate share of our income stolen by the taxman, so HMRC (who already have a lot on their scummy plate) won't give a tenth of a ****. Which fraudulent behaviour should LUST alert WYP of? I can't think of any. Leave governing bodies out of it - fans must effect this change ourselves unless Bates clearly crosses a lines (in which case LUST do talk to the relevant authorities like the aforementioned cases with Ofcom and the ICO). There are better ways of moving forwards.
You are turning me into a sour sounding twat. But I am sorry if there is a buyer with £50 mill they would not need anyone to tell them that they might be able to buy LUFC. They would have knocked on Bates's door without help.
