Takeover Statement: Trust update
Monday, May 28, 2012 at 10:38PM In response to the questions that have come our way in increasing numbers over the last few days, Leeds United Supporters' Trust can confirm that we are aware of firm interest from a number of parties looking to buy Leeds United. In common with Phil Hay of the Yorkshire Evening Post's comments on Twitter, we understand that Leeds United are in talks with at least two separate groups. We also understand there is one firm bid on the table at present.
In February we responded to Ken Bates' suggestion that we "put our money where our mouth is," by asking any potential investors, who shared the aims and ambitions of our members and of our Vision Statement, to contact the Trust with a view to working together to take Mr Bates up on his offer. We developed a presentation so interested parties could see how working with L.U.S.T. could help them, and have been in contact with a number of people to explore ways of bringing about change for the better at Elland Road. As part of this ongoing work, we have spoken to two groups who are interested in buying Leeds United. At this stage it is not possible for us to go into details about our conversations with these groups, as with a firm offer on the table we would not want to jeopardise any current negotiations.
Leeds United Supporters' Trust would welcome any move that helped the club to fulfil the aims of our Vision Statement, and our members increasingly tell us that they feel a change of ownership would be the best route towards positive change at Leeds United. On Friday we invited our members and Leeds fans everywhere to let us know their thoughts about the summer so far, and we received hundreds of emails in response. The clear and resounding message from our members was that they have completely lost faith in the current Leeds United board's ability to deliver a successful football club. Following the failure to meet Neil Warnock's target of signing a new group of players before his holiday deadline, and Robert Snodgrass' comments about past promises not being met; and after last season which saw players sold, failure on the pitch, and the season ticket income used to finance corporate facilities rather than new players; our members firmly believe that new owners and a new board are required at Leeds United to match the ambition of the fans, the players and the manager.
We are sure that the news of discussions around the sale of the club will be warmly welcomed by our members, and make disaffected supporters feel more optimistic about the future. L.U.S.T. would like to stress to all of the parties interested in buying Leeds United that building a good relationship with the supporters must be one of their first priorities. As the representatives of a group of more than 5,000 Leeds fans, and as a Supporters' Trust affiliated with Supporters Direct, we we will always welcome conversation with any potential new owner about how we can work together to achieve the aims of our Vision Statement.
We would also encourage L.U.S.T. members to keep sending their views to us, either by email to chairman@lufctrust.org, or via our blog, Facebook, or Twitter. L.U.S.T. is here to represent the views of Leeds fans, and we want to hear your thoughts and opinions on the news of takeover discussions at Elland Road.
If you’re not yet a member, you can join more than 5,000 other Leeds fans and have their voice heard as members of the Leeds United Supporters’ Trust by filling in the form at www.lufctrust.org. Membership is free. Keep checking for updates on www.lufctrust.org, and our Facebook and Twitter pages.
---ENDS---
Reader Comments (26)
Fantastic news, I would like to a big thanks to all involved you have made me a very happy man.
Not cracking open the champagne just yet, as I've been supporting Leeds enough years to know in the blink of an eye your hopes can be dashed. That said I'm praying this is true...
Brilliant work yet again LUST. Kudos to all involved. Fingers crossed that a deal is sealed!
Haven't we heard noises like this before? That said... Fingers crossed!
I hope this all works out how we all want it too.. We have suffered enough at the hands of mr bates already so this would be the best news we have heard in a long time but i cant help feeling that Bates will sumhow do us over atleast 1 more time..
Unfortunately, we have come to the point that a takeover is the only possibility for Leeds United to have any chance for success on and off the pitch. The legacy of the past 7 years under the stewardship (management/ownership) of the Ken Bates group, while sprinkled with some positives has been dominated by:
- a gamble with the very existence of the club by emerging from administration without a CVA,
- an administration process that included a messy process of quantifying valid creditor claims,
- a creditor with large losses stating it would only accept the group responsible for its huge losses,
- multiple litigations that have been embarrassing to Leeds United, paid for by Leeds United and largely caused by the irresponsible behaviour of Ken Bates,
- the departure of key players with no apparent, commensurate reinvestment in the playing squad,
- despite high attendance numbers, amongst the most expensive ticket prices and admitted by Ken Bates, revenues exceeding budgeted amounts in part from television money and elimination cup games against some of the largest club teams in the Premier Leauge, the club has barely been profitable, and only due to profits from player sales. This is simply not a sustainable model, recently supported by the club issuing preferred stock, with a large guaranteed return to the investors and the pledge of a large amount of future season ticket sales,
- alienation of a large segment of the club's fan base,
- alienation of the Leeds City Council,
- failure to reacquire Thorpe Arch training center at a bargain purchase price which has long since lapsed,
- an ownership structure that has been obfuscated through off-shore blind trusts and various inconsistent statements made under oath, culminating in the sale to Ken Bates of a significant controlling interest without any opportunity for any competing bids to enable the seller(s) to maximize their return - highly suspect that this was an at-arms-length transaction,
- transfer windows with statements of intent that have for the most part failed to deliver,
- a need for reasonable investment to make a push for promotion to the Premier League two seasons in a row with none made,
- perhaps above all, a failure of the current stewardship to recognize, acknoweledge and communicate its failures with a pledge to try to do better going forward.
Change is an absolute necessity at this time.
I'm praying this is true! Good work by LUST though regardless!
There is light at the end of the tunnel, been waiting for this news for a long time. As a Leeds fan I don't necessarily want success given to us on a plate (because it isn't realistic), just ambition showed by the board to make the right decisions for the team to help the manager as much as they can to get the club moving up the league. Keep up the good work! It's appreciated MOT
so if this is happening does that mean there IS a transfer embargo in place, and which then makes me realise and understand why no one is leaving and why Warnock as not managed to get the players in he wanted by the time he went on holiday, but as we all know what Bates is like and he's more then greedy, he is obese greedy, and knowing this he will probably want a fortune for the club which then in turn will make the talks fall through, oh god I hope not, please Bates sell up and get out this is our club and we want premiership football again as soon as possible not a new corparate set up and not someone who wants to sell all our best players and expect us to do well with no transfer funds and loanees
Peter Ridsdale might have been an incompetent while Thompson and Krasner were rank amateurs, but the worst chairman in living memory if not in our entire history has been Ken Bates. Pleaseod let this be true and let it all fall into place. Leeds United football club deserves better.
Ridsdale may have gotten us into bigger trouble than Bates, but Ridsdale was trying to do his best for Leeds United. Ken Bates has been trying to do his best for Ken Bates to the detriment of Leeds United.
Great news, thank you L.U.S.T for all the hard work you have done, lets hope the takeover happens. MOT
Or could this be another Bates master plan, to get season ticket sales moving along?
The season ticket money that's staying in my account until he leaves is getting twitchy.
Please let this be true.
An interesting turn of events and I welcome the update from the Trust. As with anything Leeds, I'm not going to hold my breath for this to come to fruition, but it's certainly a step in the right direction. Good work L.U.S.T!
He wont sell because we are too much of a cash cow for him. due dilligence would take 5 years because of the way Bates operates so i'm not holdong my breath.
Risdale was inept with regard to the financial demands that come with running a football club but his intentions were always well meaning, basically he wanted sucess for Leeds in the form of regular Champions league football, in that respect he wasnt any different from any of us. At no point can I recall Bates setting out his aspirations for the team or articulating a coherent footballing vision, for e.g a sound youth policy, investment in promising young players, five/ten year plan, trophy/european qualification target,adopt best practice, managerial/coaching sucession plan etc. His obsession with the stadium/corporate set up just serves to reinforce my gut feeling that any footballing sucess (!) we achieve under him would be by default and also the significance of losing the world cup bid and its impact on his 'interests' should not be underestimated.
should a successful takeover happen, will that be the point that bates says he does actually own Elland Road and Thorpe Arch (through a multitude of subsidary cayman island companies), and surrounding lands, and then lease them back to the new owners for an extorionate amount?
until bates goes completely i'm still not attending a leeds game. and will remain pessimistic.
I really hope it is a decent well financed owner - not some middle of the road bloke who won't have the fortunes Leeds needs to compete! At the moment anything is better than Bates but give it a season back in the Premier league and if we are not challenging the crowds will become restless.
The fact that LUST are claiming some responsibility for the approaches worries me - I have been to a few meetings and the guys running it, although well intentioned, don't look like the the well connected people needed to "approach" a mega-bucks buyer. I HOPE I AM WRONG.
Please be true! This is excellent news if so!
Purrrrleeeeeeaaaaase!!!!
Good luck from Blackburn Rovers.
Bloody hell, this is great news, and could explain why we have not put the funds down to sign Joel Ward? Well done L.U.S.T. You do us proud.
I have to say that I am still a little cautious, I'm sure that L.U.S.T. will do their best to only present to the kind of people we would want running the club, but just think about SCUM and Liverpool. They have owners that everyone hates, and at the time I'm sure their supporters expected a lot more form them.
To be honest it would be great if the new potential owners had at least enough money to help us get a few quality players and retain the ones we have, but the main thing is just to raise the spirits around Elland Road. We need owners that are open and prepared to listen to the fans, and not insult us!!
I've got to agree with Daniel. As much as I'm praying this comes off, it is Leeds we're talking about. Im hoping all doesgo well, but I'm not celebrating just yet. We've all got to Thank LUST for all their hard work, much respect fellas!