Leeds Today
Yorkshire grit sees group win the race
By PAUL DEWS
THEY'VE crossed more hurdles than Cheltenham Gold Cup star Best Mate – but the Yorkshire-based business consortium today sailed past the winning post in the race to take control of Leeds United.
It's taken almost two months of intricate negotiations to complete what is freely described by all the parties involved as the most complex business deal they have ever witnessed.
Talks have involved over 100 laywers representing creditors and bondholders from both sides of the Atlantic, and the red tape has taken far longer to complete than was first anticipated.
In addition, the successful consortium has voiced concerns over an apparent smear campaign in certain sections of the media and have dealt with a considerable amount of mud-slinging on their way to completing the deal.
The emergence of Geoffrey Richmond as an advisor to the group simply gave the critics more bullets to fire, following his ignominious exit from Bradford City.
But the consortium never wavered.
All the while, agreements with creditors were ticked off on a daily basis as the nuts and bolts of the deal were put in place in an almost painstaking process.
However, the Yorkshire-based consortium was the only group to actually get out of the starting blocks after others made the right noises but soon withdrew their interest in taking on a club in debt to the tune of £100m.
Interest
First up was Sheikh Abdul Bin Mubarrak Al-Khalifa who talked about a £60m investment from the Middle East. Twice, the consortium claimed they were set to put on an offer on the table. Twice, United asked to see the colour of their money.
There was a Chinese consortium, headed by the aptly named Xu Ming, that never got beyond making the right noises. Then a Ugandan property tycoon, Michael Ezra, claimed he was leading a group interested in investing.
As the Yorkshire consortium closed in on a deal, a rival group, fronted by ex-Huddersfield Town chairman Terry Fisher, expressed a serious interest in rescuing the club. The noises were right and, with former United favourite Trevor Cherry supporting the cause, they had the right backing to curry favour with the fans.
But almost three weeks of hints and suggestions came to an end when no formal offer was made, believed to be due to a lack of serious funds, and the consortium officially withdrew their interest.
The only serious bid since the club was effectively put up for sale on December 4 came from former deputy chairman Allan Leighton, but his offer, understood to be around £15m, was firmly rebuffed by the creditors.
Leighton has maintained a keen interest in the situation and it's not beyond the realms of possibility that he could emerge with financial assistance in the not-too-distant future if required.
But, for the time being at least, the successful runners and riders were today enjoying their moment of glory in the winners enclosure after negotiating the tricky course.
They have already overcome one test of endurance but they are well aware that another one awaits them.
Yorkshire grit sees group win the race
By PAUL DEWS
THEY'VE crossed more hurdles than Cheltenham Gold Cup star Best Mate – but the Yorkshire-based business consortium today sailed past the winning post in the race to take control of Leeds United.
It's taken almost two months of intricate negotiations to complete what is freely described by all the parties involved as the most complex business deal they have ever witnessed.
Talks have involved over 100 laywers representing creditors and bondholders from both sides of the Atlantic, and the red tape has taken far longer to complete than was first anticipated.
In addition, the successful consortium has voiced concerns over an apparent smear campaign in certain sections of the media and have dealt with a considerable amount of mud-slinging on their way to completing the deal.
The emergence of Geoffrey Richmond as an advisor to the group simply gave the critics more bullets to fire, following his ignominious exit from Bradford City.
But the consortium never wavered.
All the while, agreements with creditors were ticked off on a daily basis as the nuts and bolts of the deal were put in place in an almost painstaking process.
However, the Yorkshire-based consortium was the only group to actually get out of the starting blocks after others made the right noises but soon withdrew their interest in taking on a club in debt to the tune of £100m.
Interest
First up was Sheikh Abdul Bin Mubarrak Al-Khalifa who talked about a £60m investment from the Middle East. Twice, the consortium claimed they were set to put on an offer on the table. Twice, United asked to see the colour of their money.
There was a Chinese consortium, headed by the aptly named Xu Ming, that never got beyond making the right noises. Then a Ugandan property tycoon, Michael Ezra, claimed he was leading a group interested in investing.
As the Yorkshire consortium closed in on a deal, a rival group, fronted by ex-Huddersfield Town chairman Terry Fisher, expressed a serious interest in rescuing the club. The noises were right and, with former United favourite Trevor Cherry supporting the cause, they had the right backing to curry favour with the fans.
But almost three weeks of hints and suggestions came to an end when no formal offer was made, believed to be due to a lack of serious funds, and the consortium officially withdrew their interest.
The only serious bid since the club was effectively put up for sale on December 4 came from former deputy chairman Allan Leighton, but his offer, understood to be around £15m, was firmly rebuffed by the creditors.
Leighton has maintained a keen interest in the situation and it's not beyond the realms of possibility that he could emerge with financial assistance in the not-too-distant future if required.
But, for the time being at least, the successful runners and riders were today enjoying their moment of glory in the winners enclosure after negotiating the tricky course.
They have already overcome one test of endurance but they are well aware that another one awaits them.
