UK time is: 12:51:45
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

Your Comments

So the creditors would rather have 1p in the pound from Bates and gamble on getting some more, than 40p in the pound right now from other consortia.. did Uncle Ken send the heavy mob round or summat?
Auckland Owl
i hope he sells it to someone now
Super-Leeds
Despite his recent press statement I don't anticipate him hanging around too long.
LUFC1
28 days!
tedpowelluk
the comedy that is "LEEDS UNITED" continues.
SweetLeftFoot
I have to agree with the last comment unfortunately. It all seems very fishy he needed 75% and got 75.2%!!!
dazza71
it should of been duncan revie, the name would of attacted more fans, bates is a chelsea man
Mr God
Brown Envelopes
kazza
Good news or bad news for this muppet in charge of your club?
will it ever happen
 

Have Your Say

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

Recent Leeds Articles

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. King Billy 5
2. deslondon 5
3. dazza71 5
4. bago 1
5. Ropey Wyla 1

League Results (view all)

League Table (view table)

Team P W D L GD Pts
15. Reading 5 2 1 2 -3 7
16. Middlesbrough 5 2 0 3 0 6
17. Rotherham 5 2 0 3 -3 6
18. Leeds Utd 5 2 0 3 -5 6
19. Ipswich 5 1 2 2 -1 5
20. Birmingham 5 1 2 2 -5 5
21. Huddersfield 5 1 1 3 -7 4

Breaking League News

Boro sign winger
Middlesbrough : 01/09/2014 12:08:00
Official: Rovers Complete Duffy Deal
Blackburn : 01/09/2014 11:59:00
LUFC Grayson - Leeds link is wide of the mark
Leeds Utd : 01/09/2014 11:51:00
Oscar In Demand
Brighton : 01/09/2014 11:37:00
Leeds Recruitment Drive
Birmingham : 01/09/2014 11:02:00

Current Site Poll (view all polls)

Man of the match v Bolton?
Suggested By:  
Silvestre 64%
Wootton 0%
Pearce 0%
Bellusci 2%
Warnock 0%
Taylor 1%
Sloth 3%
Cook 22%
Mowatt 2%
Bianchi 2%
Antenucci 2%
Sharp 2%