Is it Leeds United Ken Bates to sell....?
He gets confused you know.....
Remember:
For six years, between 2005 and 2011, with Ken Bates the chairman throughout, nobody in football knew who owned Leeds United, one of football's biggest and most famed clubs {BBC October 2011}.
The Astor Riddle:
The mystery over Leeds United's owners raises a question, over the most controversial aspect of the club's 2007 insolvency. Bates, as the chairman, and Forward Sports Fund were supported in buying the club back from the administrators by another offshore company, Astor Investment Holdings. Astor was prepared to write off £18m it was owed, as long as Bates and Forward remained in charge, an offer not made to any other bidders, and so crucial to Bates retaining control.
The administrators said then they were satisfied there was no connection between Astor and Forward, or Bates, which would have required a separate vote, without Astor, to be taken. Mark Taylor clarified then that there had previously been an ownership connection, but it had been severed when Astor sold Forward to Bates and Patrick Murrin.
Now it has been revealed that Forward never was sold to Bates nor Murrin. Asked how, in fact, the connection between Astor and Forward was severed, Taylor did not respond. {Guardian September 2009}
Ken Bates Claims To Own FSF (The Holding Company)
2009 in January Ken Bates told the Royal Court of Jersey that he himself jointly owned the club's holding company, the Cayman Islands-registered Forward Sports Fund, with his long-term financial advisor, the Guernsey accountant Patrick Murrin.
Wait a minute - Ken remembered he did not own it:
Although Ken Bates claimed to the Royal Court of Jersey that he jointly owned Forward Sports Fund, the company that owned Leeds. However, it later emerged that the two “management shares” did not entail ownership of Forward, and Bates had not held either of them anyway (Murrin had one, and Peter Boatman, a Geneva-based administrator, had the other).
Forward was actually owned by the holders of 10,000 shares in it. But no one knew who owned these 10,000 shares??
Bates corrected this statement later in the year, calling it an “error.” It is unclear how Bates, an experienced businessman, came to believe he was the part-owner of a business worth several million pounds, when he apparently has no interest in it. [GUARDIAN, 2009]
2011 - Ken buys 72% of Leeds from ??? for £???
As my earlier link shows.
Football Governance - Culture, Media and Sport Committee Report
188. We were also concerned as to why, until very recently, the Football League appeared content to allow a club—Leeds United—to play in its competition without the Football League or the FA or Leeds United fans knowing who owned the club. We invited Ken Bates, Chairman of Leeds United, to give evidence but he said he was unable to attend through illness. His Chief Executive, Shaun Harvey, told us that Leeds United was owned by discretionary trusts, but that neither he nor, to his knowledge, Ken Bates, knew who they were. Leeds United subsequently announced that Ken Bates had bought the club from the discretionary trusts for an undisclosed fee. This announcement, however, raised further governance concerns, as it was not at all clear why the trusts should sell a financially-sound, upwardly-mobile club without at least seeking alternative bids to find the best price. The manner of the sale raises concerns, which cannot be substantiated or disproven given the lack of transparency, that Ken Bates, who took the club into administration, was a participant in the discretionary trusts who took the club out of administration.
189. Despite the lack of transparency with regard to Leeds United, the Football League affirmed that they had some quite good rules in place
http://www.publications.parliament.uk/pa/cm201012/cmselect/cmcumeds/792/79208.htm
Summary:
I know its old news but you have to remember that we have had more owners than managers since Ken Bates became the Chairman, lets not get too carried away until Bates & Harvey have actually gone and its not more smoke & mirrors..