Daily mail 24/5/07
Revie rejoins takeover race for Leeds
Duncan Revie has stepped up his interest in taking control of Leeds United by proving to the club's administrators he has the money in place to buy them.
Revie, son of legendary former Leeds manager Don, has completed a dramatic U-turn by formally submitting proof of funds with administrators KPMG before a crucial creditors meeting on June 1.
The 52-year-old, who heads the highly-successful football conventions and forums company Soccerex, had said he was not yet ready to join the takeover race.
But he has now confirmed he will decide by the end of next week whether to make a formal bid for the club.
Revie told PA Sport: "The creditors meeting has never been a deadline for me.
"We have a much longer-term view of taking on the whole thing and will not be rushing into our judgment.
"We have lodged proof of funds with the administrators. We have not lodged a bid.
"We need to see the figures first and you don't get to see the figures unless you can prove you have the funds available.
"By the end of the weekend we'll know whether or not we're going to make a bid."
It has been reported Revie is heading a Dubai-based consortium, but it is now understood he is working for an individual backer.
Revie said: "That person wishes to remain anonymous, but you could probably guess who it is if I say the financial backing is coming from the Middle East."
Leeds chairman Ken Bates was forced to call in the administrators earlier this month before the last Coca-Cola Championship game of the season.
The club is £35million in debt and the Inland Revenue issued a winding-up order due to an unpaid bill of £5million.
But with the approval of administrators KPMG, the club were immediately sold to a newly-formed company, Leeds United Football Club Limited, of which Bates is a listed director.
The sale is subject to the approval of the club's major creditors at a meeting next Friday.
The Football League must also approve the deal, while local property developer Simon Morris has already formally lodged his £10million offer to buy Leeds with the administrators.
Morris, recently named among the top 10 richest people under 30 in Britain with a fortune estimated at £69million, plans for a further £25million cash injection to bring financial stability to the club.
He also proposes to develop land around Elland Road and build a new stadium as part of a £400million entertainment complex.
It has also been reported that other consortia are aiming to ambush Bates' plans to resume control of the relegated club, including former West Ham chairman Terry Brown and two Irish consortia.
But Revie is not concerned who emerges from the meeting in control at Elland Road.
He added: "Whatever happens at the creditors' meeting it will not alter our plans at all.
"We have an unswerving vision, just as my dad did when he walked into Elland Road in the early 1960s and changed the strip into the all white of Real Madrid.
"If I do this I will do it wholeheartedly. I have a very talented team of legal experts and accountants who are looking at it.
"It's a heartstrings and head decision. My heart's going one way and my head's in the middle. Hopefully we can bring the two together."
Simon Morris, one of the men attempting to buy Leeds, insists he will not be breaking any rules if he succeeds in purchasing cash-strapped Boston.
Football League laws forbid dual ownership of English sides, which would seemingly preclude him from winning both bids.
But Morris, whose SR Morris Group is behind the Standing Alone Ltd group trying to buy Boston's York Street ground and the club's holding company, claims he can legally pursue both bids as he has buyers lined up to purchase the Pilgrims once they become solvent again.
His spokesman told the Lincolnshire Echo: "SR Morris group are fully aware of Football League regulations with regards to dual ownership.
"SR Morris Group would never allow that to become an issue - simply because we know of several interested parties who want to take Boston United on as a going concern."
Revie rejoins takeover race for Leeds
Duncan Revie has stepped up his interest in taking control of Leeds United by proving to the club's administrators he has the money in place to buy them.
Revie, son of legendary former Leeds manager Don, has completed a dramatic U-turn by formally submitting proof of funds with administrators KPMG before a crucial creditors meeting on June 1.
The 52-year-old, who heads the highly-successful football conventions and forums company Soccerex, had said he was not yet ready to join the takeover race.
But he has now confirmed he will decide by the end of next week whether to make a formal bid for the club.
Revie told PA Sport: "The creditors meeting has never been a deadline for me.
"We have a much longer-term view of taking on the whole thing and will not be rushing into our judgment.
"We have lodged proof of funds with the administrators. We have not lodged a bid.
"We need to see the figures first and you don't get to see the figures unless you can prove you have the funds available.
"By the end of the weekend we'll know whether or not we're going to make a bid."
It has been reported Revie is heading a Dubai-based consortium, but it is now understood he is working for an individual backer.
Revie said: "That person wishes to remain anonymous, but you could probably guess who it is if I say the financial backing is coming from the Middle East."
Leeds chairman Ken Bates was forced to call in the administrators earlier this month before the last Coca-Cola Championship game of the season.
The club is £35million in debt and the Inland Revenue issued a winding-up order due to an unpaid bill of £5million.
But with the approval of administrators KPMG, the club were immediately sold to a newly-formed company, Leeds United Football Club Limited, of which Bates is a listed director.
The sale is subject to the approval of the club's major creditors at a meeting next Friday.
The Football League must also approve the deal, while local property developer Simon Morris has already formally lodged his £10million offer to buy Leeds with the administrators.
Morris, recently named among the top 10 richest people under 30 in Britain with a fortune estimated at £69million, plans for a further £25million cash injection to bring financial stability to the club.
He also proposes to develop land around Elland Road and build a new stadium as part of a £400million entertainment complex.
It has also been reported that other consortia are aiming to ambush Bates' plans to resume control of the relegated club, including former West Ham chairman Terry Brown and two Irish consortia.
But Revie is not concerned who emerges from the meeting in control at Elland Road.
He added: "Whatever happens at the creditors' meeting it will not alter our plans at all.
"We have an unswerving vision, just as my dad did when he walked into Elland Road in the early 1960s and changed the strip into the all white of Real Madrid.
"If I do this I will do it wholeheartedly. I have a very talented team of legal experts and accountants who are looking at it.
"It's a heartstrings and head decision. My heart's going one way and my head's in the middle. Hopefully we can bring the two together."
Simon Morris, one of the men attempting to buy Leeds, insists he will not be breaking any rules if he succeeds in purchasing cash-strapped Boston.
Football League laws forbid dual ownership of English sides, which would seemingly preclude him from winning both bids.
But Morris, whose SR Morris Group is behind the Standing Alone Ltd group trying to buy Boston's York Street ground and the club's holding company, claims he can legally pursue both bids as he has buyers lined up to purchase the Pilgrims once they become solvent again.
His spokesman told the Lincolnshire Echo: "SR Morris group are fully aware of Football League regulations with regards to dual ownership.
"SR Morris Group would never allow that to become an issue - simply because we know of several interested parties who want to take Boston United on as a going concern."