Leeds United Football Club - Krasner: Bates Is Right For Leeds
Outgoing United chairman Gerald Krasner says Ken Bates no-nonsense approach towards business helped convince him he was the right man for the club.
Lawyers worked throughout the night to get the deal done as soon as possible and at 2.27am on Friday morning, everything was complete.
Krasner outlined the speed at which Ken Bates completed his takeover at Elland Road, saying:
"We met Ken Bates on Monday in London and discussed at length the outline of the deal that was necessary for Leeds United.
"We shook hands on it and the board backed it unanimously on Tuesday. We got him into Leeds on Wednesday without anybody knowing and this morning it was concluded.
"I have to pay tribute to Ken because he has moved one iota from the handshake we had on Monday."
Krasner did reveal that a number of other parties made a late play to try and gain control of the club, but having been involved in lengthy negotiations with Sebastien Sainsbury's consortium only to see them fail to produce the money, and then Norman Stubbs group struggle to raise the necessary capital, once Bates came forward with the money the club was his.
"You have to bear in mind that I hadn't seen Ken until Monday, it was only the second time in my life I had met him.
"Mr Stubbs and their consortium had been with us since October but I believe they were short of the money they wanted to do the deal, then on Monday they issued a press statement delaying it at least another seven or ten days. So I took a view over the Christmas break that we needed other contingencies in place.
"At the time we were doing the deal with Ken, everybody suddenly jumped out of the woodwork when it looked good but quite simply Ken put his money where his mouth is - immediately.
"He's sat down with us man to man, not done due diligence and I like the way he does business. He's kept his word and you can't ask for any more."
Krasner is in no doubt that Bates has the wherewithal to make a success of his stewardship of the club. The 72-year-old rescued Chelsea from despair when they nearly dropped into the old third division over 20-years ago and is ready to do the same again with Leeds.
"What this takeover will enable Leeds United to do is consolidate its position much quicker than the old board was able to do. The debts were £103m and are now under £25m. We have done 80% of the work, Ken will do the rest and take Leeds United back to the Premiership where they belong.
"Ken has long term plans here, he's had a year's sabbatical and he's come back to show everyone he can do it all again."
"I think that when the Leeds fans hear his plans I think they will be pleased."
Krasner urged Leeds fans to get behind Ken Bates in his bid to complete the rescue of Leeds United, and said they shouldn't be distracted by scare stories from those who might have ulterior motives.
"I think Leeds fans should support Ken like they've supported us.
"There will always be self-propagandists who have gone public for the wrong reasons and that has really unnerved some of the fans in the last few months.
"They've gone out and told us we are going into administration, we're going bust but it was never even considered by this board. We knew we had done too much work and we weren't going to fail. We had other contingencies but Ken was the best by far.
Krasner and his board have stepped down but will remain at the club for the meanwhile to help ensure a smooth transition of power and complete work already started, and his spirits have been lifted by the huge number of supporters who have thanked him and the old board for their efforts over the past year.
"I have received a load of emails all thanking us for what we have done.
"At the end of the day actions speak louder than words. When we are back in the Premiership and I am sat back watching the team as a fan again, I will think I've done my little part in helping the club get back there. That will give me and the board great pleasure."
Outgoing United chairman Gerald Krasner says Ken Bates no-nonsense approach towards business helped convince him he was the right man for the club.
Lawyers worked throughout the night to get the deal done as soon as possible and at 2.27am on Friday morning, everything was complete.
Krasner outlined the speed at which Ken Bates completed his takeover at Elland Road, saying:
"We met Ken Bates on Monday in London and discussed at length the outline of the deal that was necessary for Leeds United.
"We shook hands on it and the board backed it unanimously on Tuesday. We got him into Leeds on Wednesday without anybody knowing and this morning it was concluded.
"I have to pay tribute to Ken because he has moved one iota from the handshake we had on Monday."
Krasner did reveal that a number of other parties made a late play to try and gain control of the club, but having been involved in lengthy negotiations with Sebastien Sainsbury's consortium only to see them fail to produce the money, and then Norman Stubbs group struggle to raise the necessary capital, once Bates came forward with the money the club was his.
"You have to bear in mind that I hadn't seen Ken until Monday, it was only the second time in my life I had met him.
"Mr Stubbs and their consortium had been with us since October but I believe they were short of the money they wanted to do the deal, then on Monday they issued a press statement delaying it at least another seven or ten days. So I took a view over the Christmas break that we needed other contingencies in place.
"At the time we were doing the deal with Ken, everybody suddenly jumped out of the woodwork when it looked good but quite simply Ken put his money where his mouth is - immediately.
"He's sat down with us man to man, not done due diligence and I like the way he does business. He's kept his word and you can't ask for any more."
Krasner is in no doubt that Bates has the wherewithal to make a success of his stewardship of the club. The 72-year-old rescued Chelsea from despair when they nearly dropped into the old third division over 20-years ago and is ready to do the same again with Leeds.
"What this takeover will enable Leeds United to do is consolidate its position much quicker than the old board was able to do. The debts were £103m and are now under £25m. We have done 80% of the work, Ken will do the rest and take Leeds United back to the Premiership where they belong.
"Ken has long term plans here, he's had a year's sabbatical and he's come back to show everyone he can do it all again."
"I think that when the Leeds fans hear his plans I think they will be pleased."
Krasner urged Leeds fans to get behind Ken Bates in his bid to complete the rescue of Leeds United, and said they shouldn't be distracted by scare stories from those who might have ulterior motives.
"I think Leeds fans should support Ken like they've supported us.
"There will always be self-propagandists who have gone public for the wrong reasons and that has really unnerved some of the fans in the last few months.
"They've gone out and told us we are going into administration, we're going bust but it was never even considered by this board. We knew we had done too much work and we weren't going to fail. We had other contingencies but Ken was the best by far.
Krasner and his board have stepped down but will remain at the club for the meanwhile to help ensure a smooth transition of power and complete work already started, and his spirits have been lifted by the huge number of supporters who have thanked him and the old board for their efforts over the past year.
"I have received a load of emails all thanking us for what we have done.
"At the end of the day actions speak louder than words. When we are back in the Premiership and I am sat back watching the team as a fan again, I will think I've done my little part in helping the club get back there. That will give me and the board great pleasure."