Date:Thursday May 17 2007
The administrators working on Leeds United's financial troubles, KPMG, have had three bids for the club brought to their attention. The deadline for any fresh bids appears to have past. Here's a run down of where the future may lie for the fallen giant.
The Bates Bid. The club were immediately bought back (subject to creditors confirmation) from the administrators by a group led by Ken Bates. This prompted furious reactions from various consortia wishing to speak to the administrators on a level playing field. With the deal all but signed, both Bates and the outside investors have their own viewpoints on the matter. The future under this management is unclear. Bates has already said he has not taken a single penny out of the club, but has not been seen to heavily invest either.
The Revie Bid. The son of Leeds legend, Don Revie has been working hard to construct a rival bid. Duncan Revie has in recent weeks been very vociferous in his views both on current and future management of the club. Any bid would be backed by Middle Eastern money, but the likelihood of this coming to fruition dwindles as the days pass by. It is unclear where any long term future under Revie junior would go and even if the bid itself is real.
The Simon Morris Bid. Property magnate, Simon Morris, has tabled a firm bid with KPMG. The former Leeds director has played up his role in turning Elland Road into '£400m World-Class leisure venue.' With a bid of £10m for the club and a promise of £25m to re-invigorate the club, this appears to be a realistic and costed rival to the Bates bid. Bates himself question why he didn`t invest when he had his directorship under Gerald Krasner, but in reply why would someone invest in such a debt burden club. With Leeds finances set to be all but wiped out, the investment future looks good.
My View. KPMG have to look at the future both for the club and the current creditors. Under Ken Bates, the future looks like being a very long and drawn out one. We need serious money now to mount a return challenge to the Championship. The creditors would receive less return for their current investment, but would still be involved in the club should our fortunes change in years to come. Under Morris/Revie, the future would be very unclear. Talk is cheap. Any future for the club starts building next season. LUFC will dictate how successful the area around Elland Road will be, on the field. Any new management team coming in must realise this, and this is why KPMG must listen to the fans and consider the future of the club.
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