Leeds United face new bid from former Middle East consortium member
The National 20/9/12
Duncan Castles
Ken Bates has been offered a second option to sell his majority shareholding in Leeds United to Middle East investors.
The Yorkshire club, regarded by students of football finance as the "last real franchise left to buy", has been the subject of takeover discussions for over 100 days without a deal being completed.
Leeds chairman had agreed to sell to a consortium fronted by Dubai-based brokers GFH Capital in mid-July only for the bidders to fail to meet payment terms.
GFH have subsequently attempted to resurrect that offer, but according to sources close to the negotiations, now face the prospect of being cut out of the deal.
It is understood that one of the members of the Middle East consortium has gone solo and offered Bates an alternative package in which he would receive 50% of the purchase price now and remain in place at Elland Road as a consultant.
The second tranche of money would be paid when Bates choose to step down.
Leeds United Supporters Trust (LUST) have been attempting to force Bates to sell his stake in full, having launched a "Time For Change" campaign including the use of advertising space immediately outside the stadium.
"Mr Bates, we believe it is time for change," said Trust chairman Gary Cooper this week. "If you cannot, or will not support our ambitions on the pitch in a financially prudent manner - and our financial analysis showed how to do that - then please see the club to someone who can."
It is not clear whether the Trust knows who the ultimate beneficial owners of Leeds would be if the GFH Capital bid completes, nor if it has knowledge of how much those owners are prepared to invest in the club.
Asked if they knew the answers to those two questions last week, the Trust declined to reply, stating that any information they could release would go to their members first.
It is also understood that Bates is undecided about accepting either of these new offers. Commenting on the takeover process this week he said: "Despite the confidentiality agreement, stories keep appearing with varying degrees of accuracy as evidenced by the statements put out by LUST. That included a TV interview that said a deal was 'imminent'. It wasn't then and is progressing slowly now. In football everybody expects everything now - but the real world is different."
In his programme noted for Tuesday's 3-2 Championship loss to Hull City, Bates added: "The current situation is that as I write, the appropriate documents have not been finalised between the lawyers."
Duncan Castles
Ken Bates has been offered a second option to sell his majority shareholding in Leeds United to Middle East investors.
The Yorkshire club, regarded by students of football finance as the "last real franchise left to buy", has been the subject of takeover discussions for over 100 days without a deal being completed.
Leeds chairman had agreed to sell to a consortium fronted by Dubai-based brokers GFH Capital in mid-July only for the bidders to fail to meet payment terms.
GFH have subsequently attempted to resurrect that offer, but according to sources close to the negotiations, now face the prospect of being cut out of the deal.
It is understood that one of the members of the Middle East consortium has gone solo and offered Bates an alternative package in which he would receive 50% of the purchase price now and remain in place at Elland Road as a consultant.
The second tranche of money would be paid when Bates choose to step down.
Leeds United Supporters Trust (LUST) have been attempting to force Bates to sell his stake in full, having launched a "Time For Change" campaign including the use of advertising space immediately outside the stadium.
"Mr Bates, we believe it is time for change," said Trust chairman Gary Cooper this week. "If you cannot, or will not support our ambitions on the pitch in a financially prudent manner - and our financial analysis showed how to do that - then please see the club to someone who can."
It is not clear whether the Trust knows who the ultimate beneficial owners of Leeds would be if the GFH Capital bid completes, nor if it has knowledge of how much those owners are prepared to invest in the club.
Asked if they knew the answers to those two questions last week, the Trust declined to reply, stating that any information they could release would go to their members first.
It is also understood that Bates is undecided about accepting either of these new offers. Commenting on the takeover process this week he said: "Despite the confidentiality agreement, stories keep appearing with varying degrees of accuracy as evidenced by the statements put out by LUST. That included a TV interview that said a deal was 'imminent'. It wasn't then and is progressing slowly now. In football everybody expects everything now - but the real world is different."
In his programme noted for Tuesday's 3-2 Championship loss to Hull City, Bates added: "The current situation is that as I write, the appropriate documents have not been finalised between the lawyers."