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Bates' Offer for Leeds 'Derisory'

Bates' Offer for Leeds 'Derisory'

Former Leeds United chairman Gerald Krasner has accused the current major shareholder Ken Bates as making a "derisory" offer to pay off those creditors who are seeking remuneration.

After Leeds slipped into administration in the week leading up to the last match of the Championship season, Bates has made an offer to re-purchase the club, by offering a dividend of 1p in the pound. This has been deemed unsuitable by Krasner, who has offered to use his experience in corporate insolvency free of charge in order to make sure that Mr Bates will not return as owner of the club.

'Effectively, he will have bought the club back debt free for approximately £500,000, including professional costs.

'Quite frankly I consider this offer utterly derisory and unless you agree with this proposal, it is up to you as a creditor to make your voice heard.' Krasner said.

He went on to explain his reasons behind the free help offer:

"I have had a lot of approaches recently from fellow professionals, acting either for creditors or for third parties, who wish to invest in the club, but do not want to deal with Mr Bates…

…'It is unlikely that most of you will want to spend the money to take the necessary professional advice on what is a very complex topic.

'I have, therefore, decided in my capacity as a licensed insolvency practitioner to offer to assist you absolutely free of charge.

'So if you are a trade creditor, a football creditor, a footballer, a season ticket or debenture holder then please get in touch.'

Says it all really, we have highly experienced professionals who have saved the club before offering their vast experience free of charge to keep Ken Bates away from ruining our club all over again. Other clubs throughout the league have been replacing their ageing chairman with the next generation. Only the likes of Bates and Freddie Sheppard survive, lets help to eradicate these money men from the club we love.



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Writer:LUFC1
Date:Friday May 18 2007
Time: 1:30PM

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