Tuesday, July 10, 2007

Leeds United: Where has all the season ticket money gone?

Once again the future of Leeds United is in complete turmoil after the club was put up for sale again last Friday afternoon by administrators KPMG.

The announcement followed on from the news that the Inland Revenue (one of Leeds United's major creditors) were not happy with the deal that saw the club being taken out of administration and then sold on to chairman Ken Bates' new company.

Would be interested parties needed to have their bids in place by 5pm on Monday. The speed of the events took many potential new owners and investors by complete surprise, as the lack of time to properly make sense of the club's finances state left them with little room for manoeuvre.

To the complete amazement of those potential new owners, there is no guarantees over the season ticket money which has already 'been banked' for the season ahead.

According to insolvency expert Gerarld Krasner, this latest saga would not have come about if Ken Bates had offered the creditors a 'proper offer' in the first place. The original offer was one penny in the pound...

Where has the season ticket money gone?

Full story

Leeds could be bought for as little as £5m

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