Let's all laugh at Leeds Part 1,123

Log in to stop seeing adverts

Status
Not open for further replies.
This is too good to be possible.....

http://news.bbc.co.uk/1/hi/business/6277752.stm

There is now a real danger that Leeds United will not be able to start the new football league season, their administrators KPMG have warned.

The comments were made at a High Court hearing in Leeds, where the club's plans to exit administration are being challenged by HM Revenue & Customs.
KPMG said that unless the club is able to leave administration, the Football League may not let it start the season.
BBC Radio Leeds understands the Football League is as yet undecided.
No-one at the Football League was immediately available for comment.
Unpaid taxes
Earlier this week, businessman Simon Franks said he was ready to buy Leeds United, through his Redbus investment vehicle.
HM Revenue & Customs is unhappy at the plans of Leeds chairman Ken Bates to pull the club out of administration by paying creditors just 8p in every £1.
Mr Bates has already warned that the cost of defending the court action could cost the club its future. Leeds United has debts of £35m, with HM Revenue & Customs owned £7.7m in unpaid taxes.




If they are excluded does that mean they will have to reform in non league football? I don't think it would be possible to laugh hard enough.

:081::081::081::081:
 
RHYDAL said:
This is too good to be possible.....

http://news.bbc.co.uk/1/hi/business/6277752.stm

There is now a real danger that Leeds United will not be able to start the new football league season, their administrators KPMG have warned.

The comments were made at a High Court hearing in Leeds, where the club's plans to exit administration are being challenged by HM Revenue & Customs.
KPMG said that unless the club is able to leave administration, the Football League may not let it start the season.
BBC Radio Leeds understands the Football League is as yet undecided.
No-one at the Football League was immediately available for comment.
Unpaid taxes
Earlier this week, businessman Simon Franks said he was ready to buy Leeds United, through his Redbus investment vehicle.
HM Revenue & Customs is unhappy at the plans of Leeds chairman Ken Bates to pull the club out of administration by paying creditors just 8p in every £1.
Mr Bates has already warned that the cost of defending the court action could cost the club its future. Leeds United has debts of £35m, with HM Revenue & Customs owned £7.7m in unpaid taxes.




If they are excluded does that mean they will have to reform in non league football? I don't think it would be possible to laugh hard enough.

:081::081::081::081:
Click to expand...


Hope Bates gets his fingers burned for his derisory offer
 
It'll never happen. Leeds will carry on as normal next season
 
would be brilliant if it did though
 
SJN-Fox said:
And here's the latest

http://news.bbc.co.uk/1/hi/business/6279340.stm
Click to expand...

Debt-ridden Leeds put up for sale

The future of Leeds United is again in doubt after the club was put up for sale by its administrator.

KPMG said that it had made the decision because of a challenge by HM Revenue and Customs (HMRC) over the £7.7m it is owed by the Yorkshire club.

Former chairman Ken Bates had proposed to take Leeds out of administration, repaying creditors eight pence in every pound that it owed.

A deadline for offers has been set of 1700 BST on Monday.

"We are interested in talking to other parties," confirmed a KPMG spokesman.

The administrator had earlier warned that there was now a danger the club would be unable to start the new season.

Unpaid taxes

Leeds United has debts of £35m, including the money owed to HMRC in unpaid taxes.

Those who have previously declared an interest in buying the club include Duncan Revie, son of former Leeds manager Don, and property entrepreneur Simon Morris.

Earlier this week, businessman Simon Franks said he was ready to buy Leeds United, through his Redbus investment vehicle.

HMRC has been challenging Mr Bates's plans to exit administration at a High Court hearing in Leeds.

KPMG said that unless the club was able to leave administration, the Football League may not let it start the season.

League officials are due to meet next week to discuss the situation.

The court case has been adjourned until 3 September, while Leeds are due to play their first game of next season away to Tranmere on Saturday, 11 August.

Former Leeds chairman Gerald Krasner expects the ownership question to be sorted out before the start of the season.

However, a spokesman said that as the club was in administration he could not comment on KPMG's decision.

And Mr Bates has already warned that the cost of defending the HMRC's court action could cost the club its future.
Click to expand...
 
Maybe I am missing something here, but when a company I worked for went into receivership the administrators came in and sold off some of the assets to keep the company trading until a new owner was found. So why are they not selling players to raise funds to pay off the creditors?

It seems ridiculous that Bates can offer 8p in the £ come out of administration and the sell Healy for example for £2m
 
fox58 said:
Maybe I am missing something here, but when a company I worked for went into receivership the administrators came in and sold off some of the assets to keep the company trading until a new owner was found. So why are they not selling players to raise funds to pay off the creditors?

It seems ridiculous that Bates can offer 8p in the £ come out of administration and the sell Healy for example for £2m
Click to expand...

They're not out of administration yet... May never make it out, with a bit of luck.

But, as I see it, the 'New Leeds' under Bates was paying the running costs while in liquidation so the administrator wouldn't sell off the assets. One of the other companies interested in buying Leeds has offered to do the same.

And I think the Revenue found it more than a little ridiculous, too.
 
it said on local teletext that wise could get a transfer kitty when the transfer embargo placed on them ends this month...surely they have to sell before they can buy??
 
Yorkshire Vixen said:
it said on local teletext that wise could get a transfer kitty when the transfer embargo placed on them ends this month...surely they have to sell before they can buy??
Click to expand...

So how come the embargo ends this month, surely it will/should continue until they are properly out of administration.
 
Undisclosed my arse, sounds like it will only be around 10p/£1 and the IR don't want to look weak.

If they had got it up so anything above 50p they would be shouting from the rooftops.
 
Worst possible result for Leeds, I reckon, having that thieving crook left in charge.
 
beighton155 said:
Undisclosed my arse, sounds like it will only be around 10p/£1 and the IR don't want to look weak.

If they had got it up so anything above 50p they would be shouting from the rooftops.
Click to expand...

The money that he owes is public money and we as taxpayers have a right to know how much he's paying back. :098:
 
Status
Not open for further replies.
Log in to stop seeing adverts

Championship

P Pld Pts
1Leicester4697
2Ipswich4696
3Leeds Utd4690
4Southampton4687
5West Brom4675
6Norwich City4673
7Hull City4670
8Middlesbro4669
9Coventry City4664
10Preston 4663
11Bristol City4662
12Cardiff City4662
13Millwall4659
14Swansea City4657
15Watford4656
16Sunderland4656
17Stoke City4656
18QPR4656
19Blackburn 4653
20Sheffield W4653
21Plymouth 4651
22Birmingham4650
23Huddersfield4645
24Rotherham Utd4627

Latest posts

Top