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

Login to post a comment

Best of Vital Network

Recent Leeds United Articles

LUFC On This Day - June 26th

A look back at what happened on this day June 26th in the recent history of Leeds United

LUFC Leeds United Transfer Rumours June 18th - June 24th

Vital Leeds United is once again keeping an eye on all the players linked with a move to and from Elland Road during the transfer window

LUFC Successful Season Finally Over For Leeds Striker

Leeds United striker Chris Wood`s season finally came to an end after New Zealand lost their final group game in the Confederations Cup against Portugal

LUFC On This Day - June 25th

A look back at what happened on this day June 25th in the recent history of Leeds United

Archived Vital Leeds Articles

Vital Leeds articles from

Site Journalists

Dazza71
Editor email
Profile

Current Poll (see more polls)

Are you happy with the appointment of Christiansen?
Suggested By:
Yes73%
No27%
ScoopDragon Publishing Entire League Network of Sites
Write for Vital Football
Latest F1 News
Latest Vital Boxing News
The Vital Football Members League

Recent Leeds United Results (view all)

Leeds United Fixtures (view all)

Vital Members League Table

RankNamePoints
1.King Billy59
2.dazza7155
3.PDIRISH42
4.Tiny T32
5.erni30
6.Spanky White28
7.Whiteknight24
8.Oyper22
9.@OxonWhite21
10.bago15
Vital Football Comment