1. Ken Bates owns Elland Road under the pseudonym of Teak Trading. Jacob Adler owns Thorpe Arch.
2. Ken Bates mortgaged the majority of the ST revenue, catering income and sponsorship to pay for "improvements" to the East Stand. Therefore ensuring that the club had little revenue streams to pay for the day to day running of the club (hence the mess we are in now).
3. GFH appeared, and despite several months of due diligence didn't seem to catch on to the above. Ken can't believe his luck and gratefully accepts their offer, and seemingly disappears over the horizon.
4. Some months later GFH realise they cant finance the club, hang the Manager out to dry, and go looking for some suckers to bankroll the club. Andrew Flowers (Enterprise Insurance) does this for a few months, and then joins David Haigh in putting in a bid for the club (Sport Capital). After due diligence Flowers realises the extent of the black hole in the accounts and gets jittery. Haigh brings in Cellino, who is quite happy to throw money at the club without doing any due diligence. Andrew Flowers walks away but wants his money back. GFH say, what money? Flowers issues a winding up order to get his money back (upheld).
5. GFH and Cellino exchange contracts, Cellino gets 75% GFH retain 25% with Haigh and Salah Nooruddin retaining their positions at LUFC.
6. Cellino insists his pet Festa is allowed on the bench at Leeds v Ipswich. BM says f*ck that.
7. Cellino sacks BM via his solicitor by phone, the night before a home game. Uproar from Leeds fans who turn up at ER and try to confront Cellino. Cellino appoints Festa as Manager, brings in an Italian player, and changes the team. On the day of the game Cellino gets the jitters and Nigel Gibbs is appointed to take over from BM for the day, and he reinstates BM's team selection. BM is told to stay away from ER. At half time BM is reinstated as Manager. Cellino blames GFH for sacking BM, GFH blame Cellino. Cellino's solicitor is escorted from ER by David Haigh.
8. FL rule that the Italian player bought in by Cellino cannot sign for Leeds as the "transfer" contravenes thei rules.
9. BM has "talks" with Cellino and Festa and everything is hunkydory.
10. Cellino's takeover goes to the FL for ratification.
11. Cellino funds loans for Butland and Wickham.
12. It is appearing that everything is not well for Cellino's takeover of LUFC. Paperwork is asked for and not forthcoming. The FL want clarification on a transfer of ownership from GFH to Nooruddin some time ago.
13. It then transpires that Cellino has an upcoming trial in Sardinia for tax evasion. He is found guilty, although under Italian law this is not deemed guilty as in our legal system as he can appeal. He appeals.
14. The day after, he puts in his declaration to the FL confirming that he passes the fit and proper test. The FL have 5 days to respond.
15. The day after this GFH's lawyers send a letter to the FL demanding that they make a decision that day.
16. Five days after Cellino's declaration, the FL turn him down.
17. Cellino appeals.
18. It now transpires that GFH initiated a dossier on Cellino some months ago. This dossier "Project Athena" paints Cellino as very dodgy individual. Tax evasion, fraud and lots more. It was apparent that it was very likely he would fail the FL test. It also transpires that GFH have been taking "management fees" from the club, sufficient to offset their purchase monies so administration would not find them out of pocket.
19. It now transpires that apparently unknown to him, Cellino had signed a contract with GFH to say that he would bankroll the club for 6 months when he agreed to take over the club. Cellino refuses to put any more money into the club.
20. GFH and Cellino refuse to pay the players and Manager's wages. Other staff are paid.
21. GFH meet with Deloitte Touch and one other organisation about pre-pack administration. GFH make it clear to all that if the FL do not pass Cellino then the club will be put into administration.
22. Ken Bates suddenly materialises, slagging off GFH, but then meets up with David Haigh.
23. The day before his FL appeal is heard, Cellino apparently takes a phone call from a Leeds fan which is broadcast on Twitter. Amazingly in this "interview" Cellino says things every Leeds fan wants to hear. Slags off Haigh, Bates, McDermott, McCormack and basically the whole of the team, and suddenly even the most anti Cellino Leeds fans think he's the dog's bollocks.
24. D day for Cellino.
During this time there has been a consortium waiting in the wings wanting to speak to GFH about taking over the club. GFH refuse point blank to speak to them, and make out their offer is "derisory".
My take on all this is that GFH knew that Cellino would be turned down, and just want to put the club into a pre-pack admin (ie they will have negotiated with a "buyer" beforehand). They can then buy the club without all of Bates's debts hanging round their necks.
And Man U and Spurs fans think they've got it bad. Fingers crossed that the FL decision on Cellino is upheld tomorrow, and that GFH start talks with the consortium who have been patiently waiting since November.
A Leeds fan on our main forum , actually phoned , cellino , over weekend , and its probably one of the most unbelievable , fan to owners , or in this case , prospective owners , your ever likely to hear
cant upload am afraid , as it will be against Ds , rules regulations , and its full of foul language too and very libelious too
will pm it if anybody is intrested , because its worth listening too , for Any fan
I thought that bankrolling a second tier team and funding an ascent into the Prem' and the associated rewards/£millions that lie in wait was an attractive proposition and has happened and/or is happening now quite often nowadays. I'd have thought Leeds were an ideal candidate as, unlike say, QPR, they are fundamentally a huge club who could conceivably go toe-to-toe with the big boys on a sustainable and on-going level. Basically, I'm puzzled why there aren't a queue of sensible and ambitious owners lining up for them.
I thought that bankrolling a second tier team and funding an ascent into the Prem' and the associated rewards/£millions that lie in wait was an attractive proposition and has happened and/or is happening now quite often nowadays. I'd have thought Leeds were an ideal candidate as, unlike say, QPR, they are fundamentally a huge club who could conceivably go toe-to-toe with the big boys on a sustainable and on-going level. Basically, I'm puzzled why there aren't a queue of sensible and ambitious owners lining up for them.
Very few owners make money out of football. There's the old joke isn't there? How do you make a small fortune from a football club? Start with a large fortune.
Comments
Do you consider that a bad thing? If you were asked to defer half your wages would you?
1. Ken Bates owns Elland Road under the pseudonym of Teak Trading. Jacob Adler owns Thorpe Arch.
2. Ken Bates mortgaged the majority of the ST revenue, catering income and sponsorship to pay for "improvements" to the East Stand. Therefore ensuring that the club had little revenue streams to pay for the day to day running of the club (hence the mess we are in now).
3. GFH appeared, and despite several months of due diligence didn't seem to catch on to the above. Ken can't believe his luck and gratefully accepts their offer, and seemingly disappears over the horizon.
4. Some months later GFH realise they cant finance the club, hang the Manager out to dry, and go looking for some suckers to bankroll the club. Andrew Flowers (Enterprise Insurance) does this for a few months, and then joins David Haigh in putting in a bid for the club (Sport Capital). After due diligence Flowers realises the extent of the black hole in the accounts and gets jittery. Haigh brings in Cellino, who is quite happy to throw money at the club without doing any due diligence. Andrew Flowers walks away but wants his money back. GFH say, what money? Flowers issues a winding up order to get his money back (upheld).
5. GFH and Cellino exchange contracts, Cellino gets 75% GFH retain 25% with Haigh and Salah Nooruddin retaining their positions at LUFC.
6. Cellino insists his pet Festa is allowed on the bench at Leeds v Ipswich. BM says f*ck that.
7. Cellino sacks BM via his solicitor by phone, the night before a home game. Uproar from Leeds fans who turn up at ER and try to confront Cellino. Cellino appoints Festa as Manager, brings in an Italian player, and changes the team. On the day of the game Cellino gets the jitters and Nigel Gibbs is appointed to take over from BM for the day, and he reinstates BM's team selection. BM is told to stay away from ER. At half time BM is reinstated as Manager. Cellino blames GFH for sacking BM, GFH blame Cellino. Cellino's solicitor is escorted from ER by David Haigh.
8. FL rule that the Italian player bought in by Cellino cannot sign for Leeds as the "transfer" contravenes thei rules.
9. BM has "talks" with Cellino and Festa and everything is hunkydory.
10. Cellino's takeover goes to the FL for ratification.
11. Cellino funds loans for Butland and Wickham.
12. It is appearing that everything is not well for Cellino's takeover of LUFC. Paperwork is asked for and not forthcoming. The FL want clarification on a transfer of ownership from GFH to Nooruddin some time ago.
13. It then transpires that Cellino has an upcoming trial in Sardinia for tax evasion. He is found guilty, although under Italian law this is not deemed guilty as in our legal system as he can appeal. He appeals.
14. The day after, he puts in his declaration to the FL confirming that he passes the fit and proper test. The FL have 5 days to respond.
15. The day after this GFH's lawyers send a letter to the FL demanding that they make a decision that day.
16. Five days after Cellino's declaration, the FL turn him down.
17. Cellino appeals.
18. It now transpires that GFH initiated a dossier on Cellino some months ago. This dossier "Project Athena" paints Cellino as very dodgy individual. Tax evasion, fraud and lots more. It was apparent that it was very likely he would fail the FL test. It also transpires that GFH have been taking "management fees" from the club, sufficient to offset their purchase monies so administration would not find them out of pocket.
19. It now transpires that apparently unknown to him, Cellino had signed a contract with GFH to say that he would bankroll the club for 6 months when he agreed to take over the club. Cellino refuses to put any more money into the club.
20. GFH and Cellino refuse to pay the players and Manager's wages. Other staff are paid.
21. GFH meet with Deloitte Touch and one other organisation about pre-pack administration. GFH make it clear to all that if the FL do not pass Cellino then the club will be put into administration.
22. Ken Bates suddenly materialises, slagging off GFH, but then meets up with David Haigh.
23. The day before his FL appeal is heard, Cellino apparently takes a phone call from a Leeds fan which is broadcast on Twitter. Amazingly in this "interview" Cellino says things every Leeds fan wants to hear. Slags off Haigh, Bates, McDermott, McCormack and basically the whole of the team, and suddenly even the most anti Cellino Leeds fans think he's the dog's bollocks.
24. D day for Cellino.
During this time there has been a consortium waiting in the wings wanting to speak to GFH about taking over the club. GFH refuse point blank to speak to them, and make out their offer is "derisory".
My take on all this is that GFH knew that Cellino would be turned down, and just want to put the club into a pre-pack admin (ie they will have negotiated with a "buyer" beforehand). They can then buy the club without all of Bates's debts hanging round their necks.
And Man U and Spurs fans think they've got it bad. Fingers crossed that the FL decision on Cellino is upheld tomorrow, and that GFH start talks with the consortium who have been patiently waiting since November.
cant upload am afraid , as it will be against Ds , rules regulations , and its full of foul language too and very libelious too
will pm it if anybody is intrested , because its worth listening too , for Any fan
Very few owners make money out of football. There's the old joke isn't there? How do you make a small fortune from a football club? Start with a large fortune.