Date:Tuesday May 29 2007
KPMG, the administrators of Leeds United, have confirmed that they have received several bids for the club. Duncan Revie, the son of the legendary late Leeds manager, Don, says that he has the finance in place for a takeover (much of it thought to come to Dubai) but is unsure that he could commit sufficient time and energy. 'The money's not an issue,' he said. 'We have that, but I wouldn't want to take it on unless we could do it justice.
We are still thinking about it but nothing will happen in time for the creditors' meeting.' His hopes of being involved in the club rest on chairman Ken Bates selling the club to him if his Company Voluntary Arrangement (CVA) is approved by creditors at a meeting on Friday. Former chairman and insolvency expert Gerald Krasner has argued that Ken Bates' offer to creditors is not a done deal, He has appealed to the 1,350 businesses and individuals owed money by the relegated club to present a united front against Bates if they want to stop him buying Leeds for what will amount to £500,000.
Another potential bidder is former director Simon Morris who has tabled a bid of £10 million with a 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. He is insistent that his bid will not breach Football League rules on dual ownership. His property firm S R Morris 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 to the Conference. However, Morris will offload Boston rather than see his dream of owning Leeds founder.
Bates has often unsecured creditors a penny in the pound, 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. They include agents, seven former players - former Manchester City defender Danny Mills is owed £216,667 - and clubs ranging from Brondby to Bolton. The potential stumbling block for Bates will be if Astor, FSF and Krato Trust are deemed to be connected creditors. That would mean he would need to secure 50 per cent of the vote from unconnected creditors. These include 184 season ticket holders, a travel agent and a mobile DJ.
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