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Dear Ken,
We write to you with regard to the recently publicised investment/takeover of our club, which was announced on 26th May.
On 26th June it was stated that due diligence was to be undertaken and would be "a fairly straightforward process" and that
"Our [The Club's] discussions with them have left us very comfortable that they have the financial resources to support the club and will have no issues in satisfying the requirements of the Football Leagues Owners and Directors test". This heightened anticipation that the potential investment/takeover would be concluded in the near future, but little progress seems to have been
made since then.
Over 70 days have now passed since this "fairly straightforward process" began and we, as fans are becoming
increasingly concerned that this protracted process has now stalled and would like to ask you some important
questions;
1. The club have made two statements during this process. On 9th August it said "the exclusivity period granted to a potential
investor as mentioned in the statement of 26th June has now ended" and on the 18th August "We are in negotiations with a party.
We signed an exclusivity agreement to give them time to do due diligence, and we're continuing negotiations".
Why is the investment process taking so long, and why were the above statements
made when they were made?
2. We understand from Duncan Castles that the potential buyers have already put some money into the club and in addition they have had contact with Neil Warnock and Robert Snodgrass to provide assurances about their ambition and
vision for Leeds United. This is in stark contrast to the comments about you in Duncan Castles' article of 11th September 2012, and those of Robert Snodgrass in his interviews since leaving the club. It seems fairly obvious that the promises made to our
manager and players, who we support 100%, are not currently being matched by your ambition, or that of the club.
Is there a reason that our manager is not being supported financially, given the
money already invested by the buyers, plus the transfer income and wages freed by
the sale of Snodgrass, Clayton and Lonergan amongst others?
3. It has also been widely reported that negotiations with the potential investors are currently at an impasse due to your refusal to indemnify them against any unaccounted for items in the club's finances. We understand that such
indemnities are standard in business, and think it entirely reasonable and responsible that the buyers insist on them. If the club is currently being run in the financially prudent and sensible manner that you always claim, and you as the owner take such a
personal interest in its business, there can be nothing ‘unaccounted for’ that would prevent you from agreeing to the standard indemnities that are being sought, because you will have already disclosed those items to the buyers?
Why do you not feel able to agree to the indemnity clauses, if you have nothing to
hide and are running the club so well?
4. Alongside this information, sources close to the negotiations are aware of THREE legal teams around the negotiating table.
Those representing Leeds United, those representing the investors and a third team negotiating on your personal behalf.
This concerns us. It would indicate that your interests in this deal are somewhat different to those of Leeds United, and therefore
us. In the statement of the 9th August, and again in your Programme notes on the 1st September (vs Blackburn Rovers) you mention "your legacy" at Leeds United and a desire to ensure that the club is passed into "safe hands".
If, as you have stated in your programme notes, your concern is for the club and
your legacy for the club, why do you, as Chairman and owner of the club, need your
own personal team of lawyers present during the negotiations for the sale of the
club?
5. We are concerned about the financial position of Leeds United. From the accounts most recently filed for the company, we see Leeds United has recently taken out two loans. The first was a loan of some £3.2m secured through the issuing of
a number of preferential shares, to unknown persons, with a guaranteed repayment of £4m on sale of these shares. The second is a loan of some £5m from another unknown party, secured against future season ticket sales for the next 2 years.
This, we are told, was required to pay off a debt to an unknown creditor for works undertaken on the East Stand development last summer. Given that Leeds United have made only small profits or small losses each year recently, with the inclusion of season ticket revenue and sale of our best players, the impact of losing a large proportion of future season ticket income is a great cause
for concern.
How is the club going to service these other loans and repay the money advanced
by this summer's buyers, when the cash flow and profits of the business have been
spent ahead of time on the development of the East Stand?
6. Once again we have witnessed another frustrating Summer transfer window, watching our best players being sold off, to be replaced by free, or for small fee transfers. We have heard that other top players have been touted around to other clubs in an attempt to bring in cash (Becchio to Hull in January for example), and given the financial state of the club are worried that this will continue to happen. We have heard how that Snodgrass was initially unwilling to move, until a third party agent was brought in to facilitate his move. You criticised our last manager over transfer activity, we now hear via Duncan Castles that you are unhappy with Warnock, because he has the temerity to ask for your support in the transfer market to secure the
players he, a proven promotion winning manager, needs to achieve promotion. We can see for ourselves that our squad, beyond the first 11, is paper thin, and we already have mounting injuries. We recognise the promising start Neil has made even within his
financial restraints, and support him 100% in his request for more funds, for more players.
Do you have the money to support Neil Warnock in his endeavours to achieve
promotion this season?
We believe we have a manager who can deliver us promotion, given the financial support he needs.
It is clear that you no longer have the resources to offer the manager this support, and this will lead to further weakening of the team as our top players are sold in order to keep the club running, or will choose to leave for more ambitious clubs. This will lead to an increasingly fragmented support, dwindling crowds (which you are already seeing), and reduced revenues the club clearly cannot afford.
You used your programme notes on the 1st September to ask questions of any would-be investors. Questions about
"Proof of Funds", "Who are they?", their ability to pass the Football Leagues Owners and Directors test. All these are questions that the club appeared to answer itself already when entering the initial period of exclusivity. The other questions you posed about the "proposed method of running the club" and the "reason for wanting to invest" are really no concern of yours are they?
The club currently has what appears to be the opportunity of a lifetime, an opportunity this club has needed for 10 years now. This opportunity for significant investment will give the club every chance to become a force in English football again.
We thank you for your time at the helm of our club, and for steering it through its dark times, but now call upon you with one voice, sell the club, accept the money you are being offered and allow Leeds United to take the next steps back to greatness. If you wanted a legacy, this would be it.
We ask you to listen to the words of our greatest captain, Billy Bremner, and act upon them;
"Side before self, every time"
Thank you.
Leeds United Fans across the world
