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Leeds Chairman Blames Past Spending

Leeds United chairman Ken Bates has sought to blame the excesses of the last few years as the cause for the clubs slide into administration. Bates has now been confirmed as a director of the new Leeds United and heads the consortium called "Leeds United Football Club Ltd. Uncle Ken then went on to explain how discussions are already underway to seek the investment required to come out of administration.

Bates told the official website via statement: 'The financial burden of the past finally pushed the club into administration following the issuing of a winding up petition by HM Revenue and Customs who will be one of the company's major creditors.
'The action taken brings to an end the financial legacy left by others that we have spent millions of pounds trying to settle but the important thing now is not to view this as the end, but the beginning of a new era.'
'Discussions have already begun aimed at establishing how Leeds United intend exiting administration.
'This will have to include complying with the League's insolvency policy under which all 'football debts' must be settled in full.'







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The Journalist

Writer: LUFC1 Mail feedback, articles or suggestions

Date:Friday May 4 2007

Time: 6:13PM

Your Comments

Pathetic, you can't even go into administration with yer heds held high.......the FA should step in and make the 10 point deduction come into force next season! You should pay for your mistakes like everybody else.
Pbennyboy
"The action taken brings to an end the financial legacy left by others that we have spent millions of pounds trying to settle but the important thing now is not to view this as the end, but the beginning of a new era." You muppet Pbennyboy we are doing so. The rules are that if you go into administration then it's -10 points. We've done it during this season therefore we've lost 10 points. The other clubs went into administration during the summer therefore they lost 10 points for the next season. We've gone into administration during this season therefore we've lost our 10 points now.
LUFC1
We escaped. Really it did not change anything for us. YAY!!!!!!!! Other people come on here moaning about it and articles on other vitalfootballs but if it was their team they would be delighted if that happened. Bates needs to look forwards not back and look what he has and hopefully sell it. We need someone who can move us on and not hover around financial turmoil
tedpowelluk
im glad we've got the deduction now...all the more chance to come straight back up
Super-Leeds
Its the most sensible thing the clubs done in years it wouldn't have surprised me if they had waited until the season was over.
dazza71
agreed dazza
Super-Leeds
To be honest, Leeds and West Ham (Tevez) have been lucky. I can't be because of thier plight though; the 'bigger' teams would not go into admin but if they did, would they be made an example of? Man U are in loads of debt, borrowed against thier assets. It's what Leeds tried to do - by building a good squad of young players all those years ago - and the gamble failed. I hate Bates, but like Leeds as a team generally; except when they came to the Drome and stamped all over Jamie Curo.
Matt_Us
 

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