In For A Penny: Ken Bates Back In Charge Of Leeds
BAD Santa, Ken Bates, has regained control of ailing giant Leeds United following a recount of votes taken at last week’s creditor’s meeting.
The famous club, that reached a Champions League semi-final only six years ago, have seen their fortunes plummet, culminating in the club being put into administration and suffering relegation to the First Division in May.
After putting the club into voluntary administration with debts of £35million, the 75-year-old Monaco-based millionaire required 75% of creditors’ votes to buy back the club.
While a number of other consortia were apparently interested in purchasing the Yorkshire outfit, the former Chelsea bigwig can now move ahead with his plans to pay creditors just 1p in the pound of debts owed.
KPMG’s joint administrator, Richard Fleming, says: “I am satisfied that, in voting to accept this proposal, the creditors have approved a solution that allows the club to plan ahead for next season, reduced uncertainty for all those with an interest in Leeds United, provided some return to creditors and avoids liquidation.”
Bates originally bought a then debt-ridden Chelsea for £1 back in 1982. How’s that for inflation?
Posted: 4th, June 2007 | In: Money Comment (1) | TrackBack | Permalink
