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Leeds United: Bates buyout makes Whites ‘Prem proof’
Ken Bates. PIC: Varley Picture Agency
Ken Bates’ purchase of shares in Leeds United was announced after high-level talks with Premier League board members, the Yorkshire Evening Post can reveal.
Bates and club chief executive Shaun Harvey met with Premier League chairman Sir Dave Richards and chief executive Richard Scudamore last week to discuss the transfer of a controlling stake to United’s chairman.
The Premier League is understood to be fully satisfied that the 79-year-old’s acquisition of a 72.85 per cent interest in Leeds City Holdings Limited – a firm which owns Leeds United – complies with its regulations on ownership.
Bates secured a majority shareholding in Leeds last week, buying out Forward Sports Fund (FSF) through Outro Limited, a West Indies-based firm.
The beneficiaries of FSF remained anonymous throughout their involvement with Leeds, but Scudamore brought the issue to a head recently by stating the Premier League would demand disclosure of the identity of United’s owners if the Championship club won promotion this season.
Though the Football League were satisfied by details previously supplied to them by Leeds, the Premier League is believed to have taken the view that a statement published on United’s website last summer – a complex outline of the ownership structure at Elland Road – failed to comply with the spirit of rules it introduced two years ago.
Bates said: “The deal was actually done a fortnight ago. Then we went down to see the (Premier League) last Thursday and they ticked all the boxes. If we had got promotion this season, there wouldn’t have been any problems.”
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Saturday 26 May 2012
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Comments
There are 3 comments to this article
Page 1 of 1
John44
Tuesday, March 20, 2012 at 07:50 PMI t was the Football League who forced his hand on this issue. Nobody would be any the wiser if they had not stipulated the true owner of LUFC. He will not be a happy chappy about this, having to spend all that money to acquire enough shares to satisfy the FL on ownership.
Liam123
Thursday, May 5, 2011 at 03:05 PMWhen the development starts on ER very soon, it will be clear to see who owns it. Or who owns the company, that owns the shares in another company, which owns another company, which owns ER, not complicated at all. Oh and those companies will all be based in Nevis in the West Indies too. Why on Earth would anybody go to the extent of all the renovation and building hotels etc. on a stadium that is only rented? It is probably Ben Kates that owns the ground and TA now. Personally I don't have any problem with these dealings, as long as they cannot have any negative effect on the club as a whole.
Marti
Thursday, May 5, 2011 at 12:53 PMCan the Yorkshire Evening Post 'reveal' anything that is actually worthwhile? Such as: - why Bates was able to buy the club when he has previously stated he is cash-poor? - was the club actually for sale? If so, were there any other offers? (We all know the answer.) - how much it cost? - whether TA and ER are miraculously going to be 'bought' by him, too? -why he thinks this equates to 'transparency'?
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