Just occurred to me whilst driving past ER an hour or so ago that Bates could well be doing all this redevelopment work in order to make us a more attractive proposition to a buyer, and further lining his own pockets. We are going to have to assume he owns the ground in some part here whoever has their name is down as the actual owner. I fear he is taking money from the club to do all this work, taking out substantial sums which would otherwise go towards transfers and wages for quality players, and then when all is done he will be the one to personally pocket the profits from this due to added value of the stadium. So not only do we not have money for players, that money in a round about way is going straight to Kens fund in Monaco. He has not put a penny in himself, it is coming from club coffers, never mind the jobs for the boys contractors Caddicks that got the contract who also happen to be club sponsors. I`m sure that went out to tender for the best price. He may as well just take whatever this is costing and out it straight in his account as that is all that will happen long term. It cannot be a co-incidence that we have nothing to spend when all this seemingly pointless work is being done, pointless as regards improving the team but not as regards a way to line pockets.
Couldn,t agree more the sooner he goes the betterlets hope we can get someone whose interests lay in the team and the town
I feel abused! Surely the ****s going to hit the fan soon, how long can he hide who really owns the ground and TA.
phil, the sale and leaseback deal has a clause which allows the club to buy it back at a predetermined price (including an annual increase at an agreed rate). So no matter how many improvements are made to the stadium, this would not impact the price as any new owners would be able to buy it at that price. Currently that price is (based on the 2010 accounts) £14.49m against a valuation of £54.72 (inlcuding the land to the East of the stadium).
Yes, but if ken already owns it he would only be buying it back from himself, using the clubs money, and then selling it to an actual real person for an extremely profitable outcome! Thats why I said we need to assume he owns the ground in some way already.
Is Elland Road going to be renamed the 'Caddick Ground'. Might be something in the deal for them doing the work and being sponsors too. How depressing.
