Monday, July 09, 2007

Deadline day


A number of potential owners have until 5pm today to submit a bid for Leeds. As I understand it KPMG effectively have control of the club and will sell to the highest bidder today. Some of the potential bidders are complaining that they do not have access to all the information that they need to know in order to submit a bid. The Redbus Group have complained that they have “not been told what has been generated from season-ticket sales or from Kevin Nicholls's move to Preston North End.”

There are also rumours that Redbus might link up with the consortium led by Simon Morris to make a joint bid.

Another potential bidder to resurface is the former Hull City owners Peter Wilkinson and Adam Pearson ( a former Leeds United commercial director). They have disposed of their interest in Hull so might be interested in bidding for Leeds.

Ken Bates has resubmitted his original offer and is apparently threatening legal action if he is not in charge of the club at 5pm today. He was quoted as saying "Our bid is the original deal that was done in the meeting of creditors when we placed the Company Voluntary Agreement on June 1. We believe in fact our offer is valid. Therefore it should be the only one to be accepted. So there's a problem and a possibility that if the administrator goes down another route then there could be further legal battles."

Looks as if we are damned either way.

Either we are doomed to continue with Ken Bates under UK insolvency laws which clearly need a long hard look at and some reform or alternatively we face the possibility of a new consortium taking charge and having its hands tied whilst legal action continues in the courts.

Either way the chances of having a proper squad assembled and fit and ready for day one of the season have already gone by the board. I fully expect us to continue to struggle in League One at least initially and if things carry on in this manner off the pitch then a long hard relegation battle is not beyond the realms of possibility.

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