UK time is: 23:48:25
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

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

Bates Regains Leeds United Control

Ken Bates has regained control of Leeds United following the announcement of the CVA vote results.

Bates, who offered creditors a 1p in the 1 offer has won the 75% of votes required for him to buy the club back.

However this was not by any means an easy win, as the result is reported to have stated that Bates won 75.2% of the votes from creditors following the recount. Club administrators KPMG stated that 5 potential consortiums had expressed an interest and proved the required funds in a bid to purchase the club, but it is Bates that appears to have won, for now.

What happens to the club is up to Ken Bates and the newly formed Leeds United Football Club Ltd. It is too early to gauge a reaction from Bates` opposition bidders, nor from the big man himself. The acceptance of the offer could pave the way for Bates` consortium to now sell the club on in order to recoup losses and potentially, make a profit individually from the sale.

The statement posted on the Leeds United official website read:

Leeds United Association Football Club Limited (The) in administration: Creditors meeting vote 4th June 2007.

Following the Leeds United creditors meetings that have taken place on Friday 1 June and Monday 4 June, the Administrators of Leeds United Association Football Club Limited (The) can confirm the result of the vote on the CVA (company voluntary arrangement) proposal to sell the Club to a newly formed company, Leeds United Football Club Ltd.

Creditors have approved the CVA proposal, which means, subject to Football League and Football Association approval, the business and assets, including players, of the Club will transfer to Leeds United Football Club Ltd, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.

Richard Fleming, joint administrator and KPMG Restructuring partner said: 'I am satisfied that in voting to accept this CVA proposal the creditors have approved a solution that allows the Club to plan ahead for next season; reduces uncertainty for all those with an interest in Leeds United; provides some return for creditors; and avoids liquidation.

Leeds United Football Club Limited must now seek approval from the Football League and can begin to rebuild for next season. The supervisors can also begin the process of agreeing creditors' claims for dividend purposes.'

The CVA proposal was approved by 75.2 percent of the creditors who voted, by value. It required 75 percent of the vote.

The creditors will receive an initial dividend of 1p in the with a substantial additional dividend to follow in the event that the Club regains Premiership status within five seasons.



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:Monday June 4 2007

Time: 11:03AM

 

Have Your Say

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

Recent Leeds Articles

LUFC On This Day - October 30th (Thursday October 30 2014)

LUFC Warnock - Players respect Redfearn (Wednesday October 29 2014)

LUFC On This Day - October 29th (Wednesday October 29 2014)

LUFC On This Day - October 28th (Tuesday October 28 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 456
2. deslondon 121
3. erni 118
4. King Billy 84
5. SimonTVW 70
6. Oyper 57
7. bago 45
8. Tiny T 32
9. ultraleeds 30
10. iwa 22

League Results (view all)

League Table (view table)

Team P W D L GD Pts
15. Millwall 14 4 5 5 -2 17
16. Rotherham 14 4 5 5 -3 17
17. Huddersfield 14 4 5 5 -6 17
18. Leeds Utd 14 4 4 6 -4 16
19. Wigan 14 3 6 5 -1 15
20. Fulham 14 4 2 8 -6 14
21. Brighton 14 2 7 5 -3 13

Breaking League News

Our Performance against Fulham.
Charlton : 30/10/2014 22:03:00
BWFC: Europe Days
Bolton : 30/10/2014 22:00:00
Redfearn - Leeds job would be a massive honour
Leeds Utd : 30/10/2014 20:00:00
LUFC Redfearn - I came close to playing for Leeds
Leeds Utd : 30/10/2014 19:53:00
LUFC Cardiff City v Leeds United Team News
Leeds Utd : 30/10/2014 19:40:00

Current Site Poll (view all polls)

Darko Milanic
Suggested By:  
He should have got more time 12%
He should never have got the job 17%
Redfearn should have been installed five weeks ago 48%
Cellino needs to take the blame 23%