DB11 Posted 1 May 2007 Posted 1 May 2007 I don't wish administration on any club, even Leeds. I do I'm so happy
Matt Posted 1 May 2007 Posted 1 May 2007 Yeah but they are planning to go into administration this week. So 10 points will be deducted from this season, and not next season Bastards!
Brainy Posted 1 May 2007 Posted 1 May 2007 SO if they beat Derby, and Hull lose to Plymouth, they have the 10 points deducted - Neutrals will think they finished bottom deservedly, instead of thinking they were unlucky because they went down on goal difference :w00t:
Daggers Posted 2 May 2007 Author Posted 2 May 2007 Despite their fall from grace, the club might be considered financially attractive if their March 2006 valuation of Elland Road and the Thorp Arch training ground is accurate. In their most recent accounts the club state that these are worth £57.7m and can be repurchased from their offshore landlord at a cost of £18.2m.Harvey's comments come amid rumours that figures such as Graeme Souness may seek to buy into Leeds. However, unless yesterday's appeal attracts significant new investment, the club may need to enter administration and it was a possibility that Harvey refused to rule out. A 10-point penalty would then be incurred. Under Football League rules the sanction would be applied now - when Leeds have already effectively been relegated - and would not be carried forward to next season. That would make receivership now a more palatable prospect than next season. Intriguingly, the development comes less than a month after Astor Investment Holdings secured its loans over the club with a debenture. According to a charge created on April 4 and lodged with Companies House, the British Virgin Islands-registered company holds a mortgage over club assets. The most recent accounts filed at Companies House also show that Astor, which is known to have an interest in the Forward Sports Fund that ultimately controls Leeds, has more than £8m in loans outstanding. If that sum remains accurate, it would make Astor the club's principal creditor in the event of administration. Astor's shareholders are unknown. If Leeds file for administration, there will be questions as to why recent transfer receipts have failed to cover losses. The club will pay off all their outstanding liabilities to former players this summer, under ill-conceived contracts that have drained millions of pounds from the Elland Road coffers. Since last June's accounts showed a total of £12m of debts due within one year, Leeds have sold Matthew Kilgallon for £1.75m and Rob Hulse for £2.1m - both to Sheffield United - and Simon Walton to Charlton Athletic for £500,000. There has also been a settlement, reportedly of £5m, with Chelsea over the young players Michael Woods and Tom Taiwo. Link
Daggers Posted 3 May 2007 Author Posted 3 May 2007 Seeing as they have to file for Admin before the end of the season...would it be reasonable to assume that the appropriate office to do this with would only be open during week days? I am working on the assumption that if the media do not break the story tomorrow then Leeds either have to pay their bills or look forward to -10points in League 1. Reasonable? I know we have some accountant types on here...
act smiley Posted 4 May 2007 Posted 4 May 2007 I thought it had to be done by the 1st, rather than before the last match of the season, to get the points deducted now? Fairly sure Rotherham had it kick in for the next season, didn't they? Or did they just keep getting hit with it again and again due to never getting out of it?
Daggers Posted 4 May 2007 Author Posted 4 May 2007 Leeds being placed into administration this afternoon - and will be bought immediately by a company owned by Ken Bates.
Daggers Posted 4 May 2007 Author Posted 4 May 2007 Scuppers the supporters plans then! Leeds United's Supporters Trust says it is in a position to make a proposal to buy the club, BBC Radio Leeds reports.Leeds' relegation to League One is likely to be confirmed this weekend, barring an unlikely sequence of events. The club are in major financial trouble but the supporters trust is said to be prepared to provide proof of funds. One option for the club could be to enter administration before the end of this campaign to avoid a 10-point reduction at the start of next season. Leeds go into their final game of the season at Derby three points off safety and with relegation rivals Hull holding a nine-goal advantage.
Manwell Pablo Posted 4 May 2007 Posted 4 May 2007 I can't find any news on them going into admin Lemsip.
Magictv Posted 4 May 2007 Posted 4 May 2007 Leeds being placed into administration this afternoon - and will be bought immediately by a company owned by Ken Bates. Gonna look like an idiot here I imagine But doesn't Ken Bates already own Leeds anyway? o.O
Daggers Posted 4 May 2007 Author Posted 4 May 2007 Gonna look like an idiot here I imagine But doesn't Ken Bates already own Leeds anyway? o.O Try turning on the radio It's breaking ****ing news!
Manwell Pablo Posted 4 May 2007 Posted 4 May 2007 Try turning on the radio It's breaking ****ing news! I cannot do that dave.
Daggers Posted 4 May 2007 Author Posted 4 May 2007 I cannot do that dave. In which case - trust me, (I promise not to cum in your mouth).
Lord Nibblington Posted 4 May 2007 Posted 4 May 2007 In which case - trust me, (I promise not to cum in your mouth). Well. That was a slightly unexpected twist the in the Leeds relegation/takeover saga.
Daggers Posted 4 May 2007 Author Posted 4 May 2007 Statement to appear on clubs website shortly - An "In-Out" arrangement has been agreed with the major creditors and the administrators and so Ken Bates will be selling the company to Ken Bates. Bates is the largest creditor, but will be appealing to all other creditors to write off their debts or drastically reduce them. Leeds will be deducted 10 points this season and will officially finish in last place. They are now (kinda)officially relegated.
IDEA OR IKEA Posted 4 May 2007 Posted 4 May 2007 Well. That was a slightly unexpected twist the in the Leeds relegation/takeover saga. I like the twist we have here!
Master Fox Posted 4 May 2007 Posted 4 May 2007 Bottom of league.... All that effort for the other clubs trying to stay up, for this? Drity Leeds Scum.
Fox in a Box Posted 4 May 2007 Posted 4 May 2007 Who'd a thought it Wisey going into admin with us and now leeds! http://news.bbc.co.uk/1/hi/business/6624731.stm or http://news.bbc.co.uk/sport check the ticker tape! Former Premiership football club Leeds United has called in administrators. It will mean United are docked 10 league points, but it is not clear if that would happen this season or next. The news comes just hours after the Leeds United Supporters Trust told the club it was in a position to make a serious proposal to buy the club. Leeds has been struggling with its finances in recent years and relegation from the Championship will certainly eat into earnings for the coming year. In recent years the club has sold its Elland Road home ground and its Thorp Arch training ground to cover previous cash shortfalls. The fact that contracts for a number of high-price players run out this summer also means that the club will run short of valuable assets later this year. Uncertainty By entering administration the club can be held together while plans are put in place to restructure or sell it. Experts predict that by making such a move, the club would be able to get rid of some of its debts. Leeds would then be a more attractive investment and takeover target because any new owner would not have to take on its entire debt burden. Under League rules, introduced in 2003, teams are deducted 10 points if they enter administration. Wrexham was the last club to befall such a fate in the 2004/5 season. By taking the decision to go into administration during the current season, Leeds could have 10 points deducted now while the team is still in the Championship, rather than when it started next season in League One. Should the penalty be held over, it would mean that the club started next season with a points tally of minus 10, a deduction that could seriously damage its prospects and could leave it in trouble for the rest of the 2007/8 season. Leeds' chairman Ken Bates has been working hard to attract new investment to the club, but has so far had little success. As well as the supporter's club, Leeds defender Gary Kelly has also been linked to a possible Irish takeover bid for the club.
Sods Posted 4 May 2007 Posted 4 May 2007 I would have thought they will get the 10 points reduction next season as they are already down to be honest. I wouldn't put it past leeds that theyve done this on purpose.
Matt Posted 4 May 2007 Posted 4 May 2007 Yeah so where does that leave them? 10 Points Deducted this season, Or next? Better be next season
Fox in a Box Posted 4 May 2007 Posted 4 May 2007 theyve done it to avoid the 10 deduction im telling you, and I bet wise has a peice in his contract that states he gets a full salary if they go into admin too slimey git
Simi Posted 4 May 2007 Posted 4 May 2007 Shame this doesn't kick in next year. Maybe they'll get punished for the pitch invasion.
Master Fox Posted 4 May 2007 Posted 4 May 2007 Shame this doesn't kick in next year. Maybe they'll get punished for the pitch invasion. They can't say whether it's this season or next. I'm thinking it will probably happen next season.
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