On the back of rubbishing “pub rumours” earning credibility over the four months in which the club has previously only offered 3 statements on its site and a mention in Bates’ programme notes, Leeds’ chairman has offered an update on the takeover:

We’re well advanced with discussions.

There’s a number of finer points to be resolved, but we’re making good progress.

We had four of the top people over here for a big meeting on Friday and they are at our game on Saturday.

Bates also said that the Forest game would be interesting because Forest’s Kuwaiti owner would be joined by four Bahrainis, so one would infer all the potential buyers are indeed Bahraini.

Bates, who recently insisted that football fans want everything now, that in the real world it’s not like that, and that business deals take a long time to conclude, conceded:

The negotiation for investment has gone on too long and I think we all know that.

Finally iluminating fans on the reasons for the confidentiality clause which seems to be by now a quarter of a year old at least, Bates said:

The investors have problems because the confidentiality clause we signed was very important to them because they are a banking institution.

Not only can speculation affect their share price, they are also governed by heavy banking regulations.

They also have interests across the Gulf, Asia, and Africa.

Mr Bates also stressed the importance, given the circumstances, of supporting the team:

I think it’s particularly important that if players are having a bad match – in the eyes of the fans – that they support them rather than get on their backs because they’ll only make it worse. As they say, a home crowd is worth a goaland I think it’s about time that fans – especially the Kop – remember that.

He also mentioned loan players “that some people in the crowd don’t like” (Oh, Kenneth, don’t make me quote you on “expensive” loan players who can’t be bothered performing) and how we beat some top teams (with players now no longer at the club, I genuinely don’t know what his point was).

Bates criticised L.U.S.T. for damaging the reputation of the club, and it is interesting on this topic that The Scratching Shed was asked to offer a Leeds fan view of the upcoming match for a Forest blog, receiving a question about “how bad” things had got under Bates, and I received a reply to my submission that included the words “I wouldn’t wish Ken Bates on anyone.” It seems L.U.S.T. aren’t the only ones with a toxic reputation?

Bates also criticised fans on Twitter and forums for giving him personal abuse “which is quite disgraceful.” I wonder how Melvyn Levi is recovering from his harrassment at the hands of Kenneth Bates?

Bates also ranted against the “ignorant, illiterate minority” offering inaccurate updates, and labelled over 8,000 concerned followers of L.U.S.T. “silly”. PR genius he ain’t!

“The true hypocrite is the one who ceases to perceive his deception, the one who lies with sincerity.”

  • Here’s a link to the audio (from @AndrewHaigh)
    http://soundcloud.com/lufc_1919/bates22-takeover

    • Why give this a negative point?

      • Freddy

        Its Ken Bates voice I cant believe it got a positive vote

        • I’M NOT KEN BATES SO WHY GIVE ME A NEGATIVE VOTE?? I’m trying to do everyone a favour to listen to what he said FFS!

        • BTW Freddy, not having a go at you. Your comment was funny. I gave you the +1.

          It’s the others I’m moaning about.

      • There’s some fucking idiots on this site. I don’t know why I bother. You know who you are and you can go fuck yourselves.

        I’m fucking off this site Tim. It’s full of twats.

        • TimPM

          The vote thing isn’t representative of the majority as the constant pro-Bates nonsense despite an overwhelming majority against him on polls shows.
          If you go you’ll be missed. Always enjoyed reading your comments :-)

          ——————

  • Ken Bates sounds seriously pissed off.

    Good. Now he knows how it feels. We’ve all been seriously pissed off for years.

    • TimPM

      Sounds quite raspy, too.

  • Old Whitey

    Reading Bates’s statement, it seems he is hoping for a resolution to the takeover in time for January. by then we’ll be so far adrift of a top six spot that no amount of new finance will make a difference and we’ll be looking at another season of trying to stay up rather than moving up. by the way whats with these banking regulations? the bank we were told is fronting the bid, their involvement is to make sure any deal is kosher and to deposit the purchasers funds into an escrow account for inspection by the league authorities and the sellers legal/financial people; client confientiality is a major part of that but is nothing to do with banking regs. Bates also seems to have forgotten there is supposed to be a second bid on the table from a former member of the consortium, or is that one of the pub rumours?

  • barnzy

    lets be totaly honest bates is thinking of himself,he released this statment so the fans dont get on his back in front of the would be, who are they again, are they going walk away,it will be done nxt week investors

  • Smudger

    What a tw*t. The bloke is a public relations disaster. Slags off LUST and calls the 8000 Leeds fans who follow them illiterate idiots, slags of Phil Hay for finally growing a pair and putting some pressure on the club to sort the mess he has created out. Nice one Ken, how to make friends and influence people – not! Wonder why your gates are going the same way as your floored ‘infacstructure’ investments (down the pan) – possibly because your communications strategy is on a par with your business strategy???

    Did anyone actually see these 4 mysterious buyers at the ground today or is this more Bates bs??

  • igiveup

    F**k everything else…that picture is f**king awesome, brings back memories!

  • EYLEEDS

    The full version of his ‘editorial’ is just abusive towards the fans and yet another embarrassing episode from our glorious leader.

    This was an opportunity to inform the fans of the progress being made and get the support back on side.

    His petty insults towards LUST are pathetic and I’ve never read anything from them containing personal insults towards Bates.

    Yet another PR disaster.

  • Ludlow-white

    Is this a take over or a bank loan

  • henrymouni

    We still don’t know if it will be a takeover or an investment partnership.
    While accepting the confidentiality agreement, KB could have told us that things were progressing nicely, instead saying nothing, all this time.
    Also, he has given enough clues today,for the investors to be exposed in the next few days, so what’s the point?

  • Ludlow-white

    is this a take over or a bank loan

  • Matthew

    Odd that he even made the effort to release that video, been a very very long time since hes been to such lengths.

  • Johnnywow

    KB must have a company value agreed with his investors already to be making such a balls up of things now. To me that suggests that this is a pure share deal rather than loan capital, convertible loan or options. Also, I now can’t see KB as a minority shareholder or wanting to negotiate any type of earn-out or deferred consideration, unless that was based purely on commercial business streams as opposed to whole business returns.

    The upshot, in my opinion, is that KB is on his way out. No part share sale, no involvement afterwards. For this we should be grateful.

    The delay could well be to do with specific warranties on arrangements that have been put in place to “manage” the right amount of profit that can be declared for the football business to suit the owner(s). There are plenty of ways to arrange for profits to be declared at a certain level – ER property rental levels, management charges, etc. Then there is the ridiculous issue of explaining the comments previously made by KB on the differences between actual wage costs (player and non-player) against budget.

    There is risk associated with buying LUFC and putting some money in to give us a chance of promotion. But, fundamentally, the upside financially, is big. Once in the Premiership, a club like Leeds will make money – single club city, large support, proven high gate numbers (from previous seasons). The only downside I can see is that there is less potential for non-UK commercial income. Still, a good punt from a financial investment point of view.

    I hope I am right that KB is on his way soon. Week by week he is destroying value in the club, reducing the possibility of promotion and making fans’ frustrated and angry along the way. If he doesn’t complete the deal soon he will be left with a lower sale price than he has previously agreed subject to due diligence.

    • Chareose

      For me Leeds United have almost as much financial potential as say Manchester united, as you say domesticly we are what the fourth best supported team in Britain ?? I would say we have more support than Arsenal and bear in mind if you stripped success from Man United and Arsenal theyd lose 20% of their fan base as all the glory hunters would move on….
      If the club was sold the right way, the pricing fair, good PR (no Ken Bates), good branding, good football and excellent players (no premadonnas) you could definately brand it abroad as its already known outside of england….and you could get around 50k Leeds fans per game and more later as all the glory hunters arrive but the whole package would have to be good. Ken Bates PR and hoofball wont bring this to reality….
      To summerize, massive potential and more thancapable of sustaining itself its run well but Ken Bates needs to leave for that to ever happen

      • Irving08

        More or less agree: demur on three points (a) Man U is unique among English clubs – we have nowhere near as much financial potential; (b) it’s a tad unfair to describe Warnock as playing exclusively ‘hoofball; (c) in any case, there’s a place for a top team playing a more direct game – eg Chelsea under Mourinho.
        Personally I’d love to see 2 Austins in midfield, for a change….

        • Chareose

          How do you come to the view that we have far less potential as manchester united ?? Manchester is hardly a 1 club city……….the support they have gleaned comes from sustained success and an attractive brand. It may take decades to emulate it but its more than possible at Leeds United if someone has the passion and the vision………Revie was on the right track……
          Sadly nothing even remotely resembling that type of ambition will occur unless Bates is gone because his presence will always divide the fans

          • henrymouni

            Manchester United are the victims of their own success.
            The Glazers saw them as a cash cow, and bought them with borrowed money.
            Man U are £423million in debt, which the Glazers are trying to reduce with issued shares.
            At least we won’t attract buyers like that, as we don’t have the cash flow.

          • Chareose

            Jon…..no offence but Leeds is bigger than Manchester in terms of population. Only London, Birmingham, Liverpool and Glasgow are bigger. See below ;
            http://en.wikipedia.org/wiki/List_of_largest_United_Kingdom_settlements_by_population

          • Jonbiriani

            I hate to say it, but Manchester is four times the size of Leeds as a city, and United have been in among the top sides in Europe for the best part of 50 years (give or take a few bad seasons). Leeds had a decade of great success 40 years ago, but then so did Nottingham Forest ten years later, and you wouldn’t say they could compete with Manchester United. Unfortunately today the gap is even wider and the only way to get anywhere near United is to have a billionaire backer. We’ve tried the borrowed route before and look where that took us. Lets not get too ahead of ourselves. Regular premier league football is a good goal to aim for.

  • Atlanta Whites

    Sounds like the misanthropic old fucker was trying to get a couple of last digs in before he does one with a tidy profit. Hopefully he invests it in an Irish bank before realizing one of his offshore outfits already owns it and fucks himself. I’m currently in negotiations with Ray Winstone to play the lead in ‘Ken: The Musical’

  • Irving08

    Leaving the nonsense aside, Bates may be right on one thing: the Bahraini bankers will have no more interest in helping LUST advance the cause of fan ‘ownership’ than he does. They can’t be worse at PR than him, though, and should know from Man City how to assuage abused fans. But if Bates is still here in some capacity or other this may not be easy, at any rate, not so long as he writes the programme notes (etc). They might therefore want the Cheif Executive’s job for one of their own men (not likely to be a woman !), giving Shaun Harvey, say the Casino portfolio (if we get it). As for LUST, the latest issue of TSB has a thoughtful piece on the dilemmas facing it.

    • henrymouni

      There is the strong possibility that Ken will still be chairman, Irving?.
      Even if he is not, he will be hovering (from Monaco) and annoying the new chap.
      As Ken spends most of his life outside the UK, that should be reason enough to appoint someone else?
      OR tell Ken to move to Leeds!!
      Ken insists his team mangers live locally!!

      • Irving08

        Yes, questions, I agree. He will stick around, I guess, if he thinks there’s a chance of the Premiership….

        Ken has said that if he and the delightful Valerie should decide to return to these shores Leeds is the place he would choose to live (Leeds 2010 Style Guide).
        Which shows a good taste in cities, of course,although Morley may be more to his political taste. (With apologies to Morley, which holds excellent Brass Band concerts throughout the winter.)

        • Irving08

          Errm Susannah….that was then.

  • Smudger

    Anyone else seen this?? Two sets of potential’investors’ it seems….

    http://www.thenational.ae/sport/football/ken-bates-in-talks-over-leeds-united-investment?

    • Matthew

      I would pay more attention to GFH Capital. Not only have the visited Elland Road matchdays a few times, they are actively posting on twitter expressing interest in the club. Infact David Haigh, rumoured to take over Ken Bates as Chairman is a Leeds fan too. And he isn’t a cunt like Bates, thats always a plus, going to be odd having a chairman thats actually a nice, respectable guy with personality. Will take time to adjust after 7 years of well Bates.

  • Matthew
  • barnzy
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