Vital Football

Latest Leeds United News

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.



Join Vital Leeds

It's easy to register for Vital Leeds, simply click the link and enjoy getting involved (you can even win prizes!)

Message Board

To visit the Vital Leeds message board, click here.

Get involved

This website is your website and we are looking for people to help run the site. Do you go to most of the games and have an opinion? Why not write a match report? Perhaps you are a budding journalist or even just someone who is very opinionated? Well why not join our team? If this interests you please contact Vital Leeds






Click here to join in the debate on the club forum.

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

Best of Vital Network

Vital Boxing - Tyson Fury Will Be Back!

Login to post a comment

Recent Leeds Articles

LUFC Midfielder Picked For World Cup Qualifiers

Leeds United midfielder Eunan O`Kane has been included in the Republic of Ireland squad for their latest World Cup qualifiers next month

LUFC On This Day - September 30th

A look back at what has happened on September 30th in the history of Leeds United

LUFC Leeds United v Barnsley Team News

Team news ahead of the game at Elland Road

LUFC Midfielder set for spell on the sidelines

Leeds United midfielder Liam Bridcutt is set for a lengthy spell on the sidelines

Archived Vital Leeds Articles

Vital Leeds articles from

Site Journalists

Dazza71
Editor email
Profile

Current Poll (see more polls)

How do you think Leeds will do against Barnsley?
Suggested By:
Win84%
Lose16%
Draw0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Huddersfield 10 7 1 2 22 5
2 Norwich 10 6 2 2 20 5
3 Newcastle 10 6 1 3 19 11
4 Brighton 10 5 3 2 18 6
5 Brentford 10 5 2 3 17 9
6 Bristol City 10 5 2 3 17 6
7 Birmingham 10 4 5 1 17 4
8 Sheff Wed 10 5 2 3 17 0
9 Reading 10 5 2 3 17 -3
10 Barnsley 10 5 1 4 16 6
11 Wolves 10 4 3 3 15 2
12 Fulham 10 3 5 2 14 -2
13 Ipswich 10 3 4 3 13 0
14 Leeds Utd 10 4 1 5 13 -2
15 Forest 10 3 3 4 12 -2
16 Q.P.R. 10 3 3 4 12 -4
17 Aston Villa 10 1 7 2 10 0
18 Burton 10 2 4 4 10 -2
19 Preston 10 3 1 6 10 -4
20 Derby County 10 2 3 5 9 -4
21 Wigan 10 2 2 6 8 -2
22 Blackburn 10 2 2 6 8 -7
23 Cardiff 10 2 2 6 8 -9
24 Rotherham 10 1 3 6 6 -13
Latest F1 News
Latest Vital Boxing News

Recent Leeds Results (view all)

Leeds Fixtures (view all)

Oct 1 2016 3:00PM : Barnsley (H)
Sky Bet Championship
Oct 15 2016 3:00PM : Derby County (a)
Sky Bet Championship
Oct 18 2016 7:45PM : Wigan Athletic (H)
Sky Bet Championship
Oct 22 2016 3:00PM : Wolverhampton Wanderers (a)
Sky Bet Championship
Oct 25 2016 7:45PM : Norwich City (H)
Capital One Cup
Oct 29 2016 3:00PM : Burton Albion (H)
Sky Bet Championship

Vital Members League Table

RankNamePoints
1.dazza71206
2.deslondon98
3.Tiny T80
4.King Billy42
5.SimonTVW39
6.8ballali30
7.ultraleeds29
8.erni26
9.Oyper21
10.bago17