Morgonnytt frå The Times:
http://www.timesonline.co.uk/tol/sport/football/championship/article1827114.eceThe Battle of Leeds United took another twist last night when Duncan Revie said that he would not be tabling a takeover bid before the meeting that will determine the future of the troubled club. However, Gerald Krasner, the former chairman and an insolvency expert, denied that Ken Bates’s offer to creditors was a done deal. He has appealed to the 1,350 businesses and individuals owed money by the club, who were relegated to Coca-Cola League One this season, to present a united front against Bates if they want to stop him buying Leeds for what will amount to £500,000.
Revie, the son of the legendary late Leeds manager, Don, said that he has the finance in place for a takeover but was unsure that he could commit sufficient time and energy. “The money’s not an issue,†he said. “We have that, but I would not want to take it on unless I was sure we could do it justice. We are still thinking about it but nothing will happen in time for the creditors’ meeting.â€
KPMG, the appointed administrator that is charging the club £279 an hour for its services, confirmed that it has received several bids. It was believed that Revie, with Dubai-based backers, would be one, but his hopes of being involved in the club rest on Bates, the chairman, selling to him after having his Company Voluntary Arrangement (CVA) approved by creditors on Friday week. “Love him or loathe him, Ken has got where he is by being a very shrewd negotiator,†Revie said. “But I think his intentions are fairly honourable.â€
Revie’s decision not to offer creditors an alternative removes a significant obstacle standing in Bates’s way. Another is Simon Morris, the former director, who has tabled a £10 million bid with the promise of a further £25 million investment to stabilise the club’s finances and a commitment to building a multi-purpose arena at Elland Road.
The 29-year-old is adamant that his bid will not breach Football League rules on dual ownership. SR Morris, his property firm, is also behind Standing Alone Ltd, the company taking over Boston United, who entered administration on the last day of the season and were relegated from League Two. However, Morris will offload Boston rather than see his dream of owning Leeds founder amid red tape.
Krasner served on the same Leeds board as Morris but says that he is not involved in any bid. However, he has been advising creditors free of charge and has told them that if the CVA is voted down, he believes that fresh investment will be forthcoming.
“If the creditors do not speak up and let Bates go through with his plans then they will only have themselves to blame,†Krasner said.
After Leeds went into administration 19 days ago, KPMG agreed to sell to a new company headed by Bates, subject to creditor and Football League approval.
Krasner described Bates’s offer of a penny in the pound for unsecured creditors as “derisoryâ€, but the trouble for any rival bid is that the CVA states that Bates will have the “unqualified support†of the club’s major creditors, Astor Investment Holdings Ltd, Forward Sports Fund (FSF) and Krato Trust, who are owed close to £18 million.
It is also believed that the Football League will support the CVA as it means preferential creditors will be paid in full. They include agents, seven former players – Danny Mills, the Manchester City defender, is owed £216,667 – and clubs ranging from Brondby to Bolton Wanderers. The potential stumbling block for Bates will be if Astor, FSF and Krato Trust are deemed to be connected creditors. That will mean he needs to secure 50 per cent of the vote from unconnected creditors. These include 184 season ticket-holders, a travel agent and mobile DJ.
