UK time is: 11:08:56
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

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







Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: LUFC1 Mail feedback, articles or suggestions

Date:Friday May 18 2007

Time: 1:30PM

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Leeds Articles

LUFC On This Day - October 23rd (Thursday October 23 2014)

LUFC Who should replace Doukara in attack? (Wednesday October 22 2014)

LUFC Cellino backs defender in race row (Wednesday October 22 2014)

Stats: Norwich City v Leeds United (Tuesday October 21 2014)

Doukara grabs point for Leeds (Tuesday October 21 2014)

LUFC Doukara out of Wolves clash (Tuesday October 21 2014)

Archived Leeds Articles

List All Vital Leeds Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. dazza71 351
2. deslondon 112
3. erni 80
4. King Billy 59
5. SimonTVW 53
6. Oyper 38
7. bago 33
8. Tiny T 32
9. ultraleeds 24
10. iwa 15

League Results (view all)

League Table (view table)

Team P W D L GD Pts
12. Brentford 13 5 4 4 -1 19
13. Sheff Wed 13 4 6 3 0 18
14. Rotherham 13 4 4 5 -3 16
15. Leeds Utd 13 4 4 5 -3 16
16. Huddersfield 13 4 4 5 -6 16
17. Reading 13 4 3 6 -8 15
18. Millwall 13 3 5 5 -3 14

Breaking League News

Win The Most Important Thing
» Blackburn : 23/10/2014 10:56:00
Rovers Loan Lenihan To Burton
» Blackburn : 23/10/2014 10:51:00
Twitter Poll: No To Coyle
» Birmingham : 23/10/2014 10:07:00
Birmingham Open Rowett Talks
» Birmingham : 23/10/2014 10:00:00
Defensive loan targets - Part 1
» Reading : 23/10/2014 10:00:00

Current Site Poll (view all polls)

Who should replace Doukara on Saturday?
Suggested By:  
Adryan 21%
Brian Montenegro 10%
Billy Sharp 56%
Steve Morison 13%