Telegraph | Sport | Bates back to revive fallen Leeds
By Christopher Davies
(Filed: 22/01/2005)
Ken Bates, the former owner of Chelsea, yesterday made a remarkable return to football as chairman of Leeds United, insisting that he wants to lead the club back to their former glories and relishes "one more challenge".
Bates, 73, has bought a 50 per cent stake in the club for £10 million. He will head a four-strong board which will also include Peter Lorimer, the Leeds legend, who will continue in his role as director and point of contact for the fans.
The takeover should eliminate the threat of administration for Leeds, who were top of the Premiership as recently as three years ago.
Bates ended a 10-month exile from football after leaving Chelsea, which he had sold to Roman Abramovich for £17 million. Bates said yesterday: "I'm delighted to be stepping up to the mantel at such a fantastic club. I recognise Leeds United are a great club that have fallen on hard times.
"We have a lot of hard work ahead of us to get the club back to where it belongs in the Premiership and with the help of the fans, who have stuck by the club through thick and thin, we're going to do everything in our power to ensure that happens.
"Our first task will be to put short, medium and long-term plans in place to secure the financial future of the club and these will include buying back, in due course, Elland Road and Thorp Arch. Fans could then ensure that no would-be property developer will be able to end the playing of football at Elland Road."
Former chairman Gerald Krasner was forced to sell Elland Road and the Thorp Arch training ground last year to Manchester-based property developer Jacob Adler to ease the club's debts.
Leeds are eight points off the play-offs but Bates does not want promotion this season. "I'm not sure whether getting to the play-offs is realistic or not but I wouldn't like us to get promoted this season," he said. "If you go up too soon you only come down again. Maybe if we can win promotion in the next couple of seasons, establish ourselves in the Premiership, get a top six place and go back into Europe."
Bates has also reassured manager Kevin Blackwell about his future. "He has got a contract until the end of next season," Bates said, "so I'll tell him to go out and prove himself. He has had a difficult job to do. I'm not looking to bring anyone in and I will help him however I can."
Bates also paid tribute to Krasner and his fellow directors who had assumed control in March 2004. "Gerald Krasner and his team have performed miracles by reducing the club's debts from £103 million a year ago to a present figure of £21 million. Obviously, everything has had to be sold," Bates added.
"Though the old board have done 80 per cent of the work they needed someone else to finish off the job. We have bought the shares in the club for a nominal consideration and now it's a question of working capital.
"It's no exaggeration to say Leeds are very hard up. It's going to be a tough job and the first task is to stabilise the cash flow and sort out the remaining creditors. But there is light at the end of a very long tunnel. For the past year it has been a matter of fire-fighting - now we can start running the club again."
Among the existing debts are £8 million owed to former managers and players.
"This is a good day for Leeds United which dispels all the rumours," said Blackwell, who was appointed last May. "What I will say is that I've just started building something here and I hope I get a chance to finish it."
By Christopher Davies
(Filed: 22/01/2005)
Ken Bates, the former owner of Chelsea, yesterday made a remarkable return to football as chairman of Leeds United, insisting that he wants to lead the club back to their former glories and relishes "one more challenge".
Bates, 73, has bought a 50 per cent stake in the club for £10 million. He will head a four-strong board which will also include Peter Lorimer, the Leeds legend, who will continue in his role as director and point of contact for the fans.
The takeover should eliminate the threat of administration for Leeds, who were top of the Premiership as recently as three years ago.
Bates ended a 10-month exile from football after leaving Chelsea, which he had sold to Roman Abramovich for £17 million. Bates said yesterday: "I'm delighted to be stepping up to the mantel at such a fantastic club. I recognise Leeds United are a great club that have fallen on hard times.
"We have a lot of hard work ahead of us to get the club back to where it belongs in the Premiership and with the help of the fans, who have stuck by the club through thick and thin, we're going to do everything in our power to ensure that happens.
"Our first task will be to put short, medium and long-term plans in place to secure the financial future of the club and these will include buying back, in due course, Elland Road and Thorp Arch. Fans could then ensure that no would-be property developer will be able to end the playing of football at Elland Road."
Former chairman Gerald Krasner was forced to sell Elland Road and the Thorp Arch training ground last year to Manchester-based property developer Jacob Adler to ease the club's debts.
Leeds are eight points off the play-offs but Bates does not want promotion this season. "I'm not sure whether getting to the play-offs is realistic or not but I wouldn't like us to get promoted this season," he said. "If you go up too soon you only come down again. Maybe if we can win promotion in the next couple of seasons, establish ourselves in the Premiership, get a top six place and go back into Europe."
Bates has also reassured manager Kevin Blackwell about his future. "He has got a contract until the end of next season," Bates said, "so I'll tell him to go out and prove himself. He has had a difficult job to do. I'm not looking to bring anyone in and I will help him however I can."
Bates also paid tribute to Krasner and his fellow directors who had assumed control in March 2004. "Gerald Krasner and his team have performed miracles by reducing the club's debts from £103 million a year ago to a present figure of £21 million. Obviously, everything has had to be sold," Bates added.
"Though the old board have done 80 per cent of the work they needed someone else to finish off the job. We have bought the shares in the club for a nominal consideration and now it's a question of working capital.
"It's no exaggeration to say Leeds are very hard up. It's going to be a tough job and the first task is to stabilise the cash flow and sort out the remaining creditors. But there is light at the end of a very long tunnel. For the past year it has been a matter of fire-fighting - now we can start running the club again."
Among the existing debts are £8 million owed to former managers and players.
"This is a good day for Leeds United which dispels all the rumours," said Blackwell, who was appointed last May. "What I will say is that I've just started building something here and I hope I get a chance to finish it."