GFH Capital could be set to net a quick £7m by “flipping” Leeds United Football Club according to the latest takeover rumours.

Flipping is a term used to describe purchasing a revenue-generating asset and quickly reselling (or “flipping”) it for profit.

When GFH completed the takeover of Leeds United in December, it’s believed the fee paid up front was around £17m, with subsequent payments to be made at a later date.

If GFH Capital are to sell Leeds United to those reportedly interested in the club, it’s likely that said deal would remain in place. The currently interested party are said to have made a pro rata offer of £24m and are looking to take an immediate stake of 51% with a phased buy-out of further shares thereafter.

Due to pending payments to the previous ownership, which are presumably based upon the club achieving certain goals (such as promotion) and would pass on to the new owners (or be shared by new shareholders), it’s difficult to put an actual valuation on the club, though the media reports of £50m when GFH originally took over from Ken Bates are starting to sound a little far-fetched.

Confirmed interest in the club came via a statement on Leeds United’s official website. in which GFH said they hadn’t accepted any offer for the club but were interested in additional investment.

The interested parties are believed to include renewed interest from a Saudi Arabian group who were rumoured to be preparing a bid last year before GFH completed their deal with Ken Bates. Alongside them is a Yorkshire consortium most likely headed up by former Leeds United Director and Hull City Owner/Chairman, Adam Pearson.

David Haigh and Salem Patel arrive back in the UK today ahead of Sunday’s FA Cup clash against Manchester City. The last time the two sides met in the FA Cup, City were enjoying life back in the Championship following promotion from League One while Leeds were flying high in the Premier League. How times have changed.

64 Responses

    • TSS

      The statement following takeover did say 100% shareholding had been transferred to LUFC, subsequent reports seem to have tied in transfer of shares with future payments.

      My understanding is that GFH paid 51% of the total share value up front (£17m) and a set payment schedule for the rest was put in place. But you’re right, they do already own 100% – they just haven’t paid for it all yet.

  1. JDC

    Don’t give a damn if they make a profit by selling on, even 51% … preferrably to the alleged consortium headed by Adam Pearson with Pearson installed as chairman with immediate effect, bringing David O’Leary with him as his manager … bye, bye Ken and bye, bye Sir Hoofball.

    • Jumblatts

      Why O’Leary? Why not someone like Adkins? or even (dare i say it) Grayson. We need a young manager with fresh ideas in my opinion, as long as they are backed sufficiently

      • JDC

        David O’Leary is still young enough to be a long term solution and has previously worked with Adam Pearson … the team also played attractive football throughout his reign, and he was prepared to give academy players / youth their opportunities. He should not be blamed for the overspend … that was down to his chairman, Mr Ridsdale who should have had the ability to say no. I used O’Leary as an example but Nigel Adkins would also fit the bill admirably, as would Karl Robinson of MK Dons.

      • TSS

        Entirely agree. O’Leary signed a lot of players, the board (not just Ridsdale) allowed that to happen.

        But David O’Leary inherited a golden generation of players and had a huge amount of funds at his disposal, a better manager would have achieved much more with half of the resources he had. O’Leary did what he could, I don’t blame him in the slightest – I just don’t think he was good enough for a club spending that much cash and with that many quality players.

        Champions League qualification was an easy goal considering the resources he had, some form of silverware should have been the minimum requirement.

      • Colin

        TSS – very harsh IMHO. O’Leary’s Leeds never dropped below 5th in the Premier League. Just imagine that now! Top 5!!
        Take a moment to think about how Martin O’Neill is so heavily praised as a top manager. O’Neill spent MORE at Villa than DOL ever did at Leeds and achieved less.

  2. Col

    If Laurel & Hardy make a quick buck then I couldn’t care less as long as they sell it to somebody with genuine money & the genuine interests of Leeds United at heart.
    It is vital that any takeover DOESN’T involve Bates.

  3. David Lockwood

    They can do as they wish, they won’t get the lost fans and the lost generation back. This is one of Bates’s biggest bollocks ever. Totally inept and does not deserve to make money on the sale of Leeds. Need someone with inspiration and intelligence, forsight and courage to take us forward. This lot can’t do it and Bates, well we have always said it – just go.

  4. Matthew

    It explains a lot, still they promised to ‘engage’ the fans. They won’t answer difficult questions, and seem unable to grasp that Neil Warnocks football is pissing people off to the extreme to the point attendances are dropping and people just want the guy gone. If they had any intention of listening to the fans, they should of fired him the following day after the Boro defeat and appointed someone as a caretaker manager whilst they looked for a suitable candidate to take the club forward.

    If they honestly believe we have any chance of hitting the playoffs now, they are seriously deluded, they were never reap the rewards of promotion whilst they continue to under invest in this squad and allow the talent to leave(Becchio).

    They won’t get a return on their investment and should just sell to anyone with money, willing and able to fund a promotion winning squad with a promotion capable manager. We could attract any decent manager out there if said manager had cast iron guarantees he would have money to spend in the transfer window, you wouldn’t find many managers objecting to an owner investing say 10 million of his own money into buying players, and upping the wage cap a little. Infact we’d fly up this damn league.

    • Irving08

      Mathew: I don’t believe you. If we were top of the league playing football the Stoke way, I bet you wouldn’t be p***** off then. The problem is that Warnock turned out not to be Tony Puliis. He and the clowns from Bahrein couldn’t even keep Becchio, for goodness sake !

      • Matthew

        Put it this way, we could be in the Champions league and I’ld still be complaining if the standard of football is shit. Win or lose(Ideally win), I’ld be happy if the standard of football was higher.

        Dude, I’m not plastic lol

      • Irving08

        I’d be happy with 8 athletes, a Tony Currie, a Billy Bremner and a Nigel Martin.

  5. Old Goat

    On the financial front the bit that worries me is not who owns how much of the club. It’s the ultimate beneficial ownership of the offshore entities who own ER and TA – though of course we can all speculate.
    Either way it seems GFH either couldn’t afford or weren’t offered this ownership.
    Now what say GFH become strapped for cash?. Fans howling for investment, local suppliers howling for payment, HMRC asking what became of last year’s VAT and PAYE.
    Smiling benevolent owner(s) of ER/TA say
    ” Let the rent roll over lads, we’re all in this together – no worries”

    Fast forward a bit and LUFC and GFH umpteen million in debt.
    Smiling benevolent owner has them on the hook and threatens winding-up.
    Club goes into admin
    Smiling Benevolent Owner has (or can form with allies) enough of the credit by value to block any CVA. (many of us learned things like this from the post-Ridsdale fiasco)
    SBO’s group also own enough of the debt to block any sale out of admin apart from a sale to their preferred offshore purchaser for whom they will, coincidentally, be prepared to forgive their part of the debt.
    Preferred Offshore Purchaser buys club at tuppence in the pound on non-football debt.
    New ownership of LUFC now lowers wages, sells any player who is halfway decent and through tangled web of offshore companies and consultants siphons off large amounts of dosh which may or may not end up with the smiling benevolent former creditor.

    Pessimistic fantasy? Or have we seen a stunt like this somewhere before?

    • mrbigwheels

      Not named Old Goat for nothing… eh. Well done. Frightening, isn’t it.
      There is certainly no interest in the football with this present set up.
      I’m confident new owners will come in and Bates will get his money but nothing can ever be discounted and your suggested fantasy or stunt is totally plausible.
      Bates will never go away until the reaper comes along…. and then some..

  6. Paul Cranny

    The flip theory looks realistic given the absence of any activity whatsoever since they “took over ” the club.

    Not sure what David O’Leary would make of things if he was tasked to da a job again but he would have to be better than what we have presently with a modicum of support. Would prefer either Nigel Adkins, Richard Naylor or Gus Poyet.

  7. Old Goat

    Just asking, and maybe one of the international financiers can enlighten me.
    Is the “flipping” explanation plausible?
    By our standards, GBP 7m is a lot of ale.
    By our standards, 7m profit on 17m upfront is spectacular business
    Were we not led to believe – either by GFH themselves or their cheerleaders – that they were mega-investors of gulf-area oil millions, or even billions. Was it not also intimated that they were the investment agents of assorted middle-eastern gazillionaires who didn’t wish to have their fingerprints of the deeds of anything they bought.
    In the circs, would GFH have spent the best part of a year jousting with Bates to buy something as complicated as a football club all for a profit which would seem modest by middle-eastern standards.
    Any word from LUST, who encouraged and even facilitated what was supposed to be a long-term investment to bring top-grade football back to LUFC in a sustainable manner?

    • TSS

      The only people who ever suggested we were being bought be crazy rich people were the fans themselves. It somehow became an accepted truth, fans expected vast investment immediately building themselves up for a fall when the new owners turned out to be more sensible than that.

      The trouble that any football club owner has these days is that fans find it unacceptable for people to profit from their club. The only way fans will ever be happy with the ownership is a Chelski/Citeh type deal where some crazy rich guy buys the club as his plaything, and I can’t see that happening at Leeds, not while we’re in the Championship anyway.

      • henrymouni

        I think we all expected that the new owners would invest in the squad, because the squad is so poor.
        Assuming the new owners were making promotion their No1 priority, investment was vital!!
        They knew Bates was the most hated man at ER, but they kept him on anyway!
        Fans do not object to owners making money in the long term.
        i.e AFTER they have built a winning team & got promoted.

        To make money out of us now is a disgrace, and shows that Bates & GFH had no interest in the future of Leeds Utd.

        “The only way fans will ever be happy with the ownership is a Chelski/Citeh type”

        NOT TRUE!!! The sort of thing Bates has been saying for years!!

      • Northumberland LUFC

        I agree in some part with TSS & JDC. A football club starts its existence from within its community, yes the beautiful game has changed massively since the beginnings of our beloved LUFC because it is driven by money now.
        Anyway, my point being clubs have owners, directors, managers and other back room staff and a squad. However, is the most important fabric that keeps all of internal workings, functional parts, the life blood in the veins, THE COMMUNITY around the club, the city of Leeds, the wider national & global community called a fan base. It is our responsibility as the Community of this great club, Leeds United, to influence it’s direction. Leeds United IS OUR CLUB, we are the LUFC community and if we don’t buy into giving it our unconditional support it will fade away and cease to exist !

        LUFC Always MOT

      • TSS

        Yep. That’s the point these perennial moaners and stayaways refuse to acknowledge. There’ll always be an excuse unfortunately, we lost an entire generation under Ken Bates and a huge percentage of our fanbase are casual supporters now – there only when we draw the big teams in the cups.

        Our attendances and turnover no longer make us a big club, the only hope we have is an exceptional manager spending wisely or a sugar daddy financing our resurrection. Until then, a one club city – the largest in the UK – will continue to “underachieve” while the majority of our fanbase sit at home moaning, refusing to accept their part of the blame.

        Clubs live and die by their fanbase, Leeds United’s is failing them.

      • henrymouni

        …” while the majority of our fanbase sit at home moaning, refusing to accept their part of the blame”.

        Stay at home and moan about the crap on offer, or go to the match and moan and jeer?
        Staying at home is cheaper!

        What ‘part of the blame’ are you referring to Ken-clone?

      • TSS

        They HAVE invested in the squad, that’s how we signed four permanent players in January.

        You say fans don’t want a Chelski/Citeh style takeover but the complaints about lack of investment are contrary to that. Leeds United don’t make money, we’re only profitable due to player sales, so the only way we can fund the big money signings fans want is if the owners do so out of their own pockets – that’s the kind of ownership City and Chelski have.

        There’s another way we can fund better transfers too – fans could start turning up again and accept some of the responsibility for the state of our club. The more tickets sold, the more money the club makes, the more money is available for transfers. It’s not like GFH aren’t trying to get fans in, they’ve offered half ST’s and cheap matches, but it’s done nothing, fans are simply coming up with new excuses now the Bates one is no longer valid. Attempts to make GFH the new villain are pitiful.

        Anyway, my point is, Leeds fans think the owners should be buying us success whichever way you look at it. No one will be happy until someone comes in and starts throwing money at the club. Even it’s on a smaller scale, it’s a Chelsea/City style takeover whether you like it or not. Our own fanbase isn’t providing the turnover to get us promoted so we’re having to do it artificially.

      • JDC

        TSS … you are spot on with your comment that, we the fans should shoulder some of the responsibility and turn up to support the team. It seems that many don’t want to do that but want to reserve the right to be critical of everything the club try to do and hang on to any excuse not to attend.

      • henrymouni

        TSS is just winding you up!!
        The fans are fading away with frustration, disappointment and anger.
        What have you seen to change their mind???

      • JDC

        Henry … do you think that I’m not as frustrated as the next fan? If you do, you are wrong, I’m all that you mention … frustrated, disappointed and angry with many things, but one thing I hope I will never do and that is boycott the club or stay away because of my frustration, disappointment or anger and I sincerely believe that TSS was correct in the statement he made and that is my right … wind up or not.

      • TSS

        Not a wind-up, Henry is just one of a majority of fans who expect everything to be handed to them on a plate. I feel our fanbase has – understandably – grown incredibly cynical and are pre-judging GFH by the standards set by Bates.

        The nonsensical conspiracy theories don’t help matters (Bates still owning the club is hysterical), I suspect they were dreamt up by one of the perennial armchair moaners who needed a new excuse not to attend, but they’ve unfortunately spread to the incredibly cynical and perhaps slightly gullible elements of our fanbase.

        Leeds United’s only advantage over the rest of this division was the fanbase, the level of turnover that it can potentially create could buy us our way back to the Prem, but if they’re all going to stay at home moaning and dreaming up new excuses we’ll continue to lose money and make no progress whatsoever. As such, we deserve to be exactly where we are.

      • Chareose

        TSS your argument that the fans should take responsibility and support the team is irrelevant. The drop In attendances has happened. The reality is that 8 years of Bates, The game at shed wed, Neil warnocks football style and the current lack of financing and communication by GFH has taken its toll. The fans have had enough. It will require real investment and a clearly definEd vision to turn the club around. So until we are in limbo

      • henrymouni

        Leeds fans expect nothing, and we are rarely disappointed!
        Bates STILL runs the club.
        GFH will be judged by their own standard, and their business history is frightening.
        You say our fan base was our edge, over other clubs.
        All I hear, from our long list of poor mangers, is that our players are overwhelmed and intimidated by our large crowd.
        Now that the crowds are smaller, do you feel the team would play better if the fans returned?
        Both arguments are nonsense, of course.

        No one is better are conspiracy theories than yourself TSS!!

        GFH may be gone before Bates?

        We are where we are because the board, the manager, and the team, are not up to the job!

      • Irving08

        TSS you dont know Leeds fans. Or, at any rate, you only know fans of your own age who tend to sit in the expensive bits of the stadium. I belong to an over 45 demographic that, judging by the congregation in the Pavilion, is the majority, and for whom our anthem means something. We were here in the ’80s and we are still here (cripes, I was here in the 950s !). Alternatively you are using fans in a loose way to cover both fans and anyone who potentially will support a winning Leeds team.

      • henrymouni

        It is always a difficult one JDC.
        When the owners of clubs suggest it is our club as fans – it is a lie.
        It is not our club, we are customers who have to pay to watch a product.
        It is the TOTAL responsibility of the board and manager

        to provide a product that we as fans can enjoy.

        My wife and I go to Tesco’s every week, and have been customers for many years.
        Even so, Tesco’s do not expect us to eat their dodgy burgers, and act quickly to remove them.
        Leeds United expect us to partake of their product, no matter how bad it is.
        They even expect us to pay more than most other fans for this unwholesome meal.
        They try to play on our loyalty, to swallow the crap without complaint!!
        These people, who show no loyalty to anyone but their own self interest, imply that we expect too much.
        Our ONLY weapon is to show our displeasure by not turning up.
        When we were turning up in larger numbers, Bates said that it was only a small minority of ‘nutters’, who were against him.
        To turn up now, when we have no control over anything, is to show we have no principle or taste!!!

      • henrymouni

        Absolute tosh!!

        They have sold our best striker rather than pay him.

        No other player at the club has scored even 10 goals yet!

        They exchanged Becchio for Morison AND money!

        They did help out before they took control, but that just kept us going.

        They said they were determined to get us back to the Prem’.

        They had a chance this season, but must have decided against it?

        They tell us nothing about their plans.

        As business men and PR men they are a disaster!!

        It now appears that their plan was to make a quick kill at our expense.

        The fans are customers who are used and abused by past & present owners.

        “There’s another way we can fund better transfers too – fans could start turning up again and accept some of the responsibility for the state of our club.”

        What a wonderful idea!!
        Experience tells me, and you, that our money goes everywhere BUT the team!!!
        How long have you been eating Tesco’s burgers?

      • Irving08

        Well said Henri.

        Leeds fans are, in their great majority, made up of ordinary working people, many of whom live in or around what is still ‘a working class city’.

        These fans – with whom I identify – want owners they can trust with their hopes and ambitions.

        Speaking for myself, I would be perfectly happy to be Stoke City for a few years.

    • henrymouni

      It was obvious that GFH were blowing smoke from the off.
      You only have to look at their history.
      In truth, we were so desperate to get rid of Bates, we turned a blind eye to GFH.
      Not that we could have stopped it anyway.
      What is really going on we may never know.
      All we can do is protest by staying away, and by refusing to be lead by the nose.
      The ball is in ‘there’ court, and I am rapidly losing interest in the whole business.

    • Irving08

      I agree, ‘flipping’ does not seem apt. Their investors could have made comparable amounts on the booming equity markets of the past 9 months.

  8. sparkx

    what a load of old tosh! From an article by Duncan Castles! GFH-C will have probably spent more than that in working capital since they took over if you include the £2m they invested last summer…

    • TSS

      I did state it was a rumour, I never made any comment as to it’s credibility, though some of what Castles says does line up – the full asking price not being paid up front for example makes absolute sense, it explains why Ken Bates is still hanging around. I also seem to remember him referring to a payment schedule at some stage during TOMA1.

      As for the money they’ve sank it, I don’t doubt that’s been quite considerable but the £2m spent before they took over the club was most likely deducted from the fee they eventually paid, otherwise it makes no sense whatsoever. No one donates money to a business they don’t own, what would be in it for them?

      • Jumblatts

        There is also the Snodgrass and Becchio fees which i doubt have been 100% re invested, looking at who we have brought in since their departure theres no way we have spent the ~£3.5 mill that their sales will have brought in

      • JDC

        My understanding of the the Snodgrass payment was 50% up front with staged payments for the remainder, probably yet to be paid and the sale of Becchio was a PX (Morison) deal which would only have raised a nominal payment

      • mrbigwheels

        Oh, everything makes sense…. well to me anyway. This has been done before with a certain Irish Bank…

        You’ve only got to start at the beginning, think like Bates and ask…
        How am I going to sell this Club for £50+ m, that is close to being bankrupt, has no cash, falling revenues, falling support , nothing to sell, (I’ve sold most of it) and everyone, (or many) are getting well used to my con tricks and penchant for extracting their monies….. ”I know, I’ll invent the fakeover with a trusty investment bank that will just love me and untangle my spiders web of ownership and deal with the customers”.

        This is a brilliant plan by Bates with a twelve month timescale to sell the Club to new owners that he can’t possibly deal with directly, achieve his required selling price and still retain controlling interests if his registered ownership agents,GFHC, (remember the people who provide a service to invest monies for others into investment opportunities for which they charge large fees), can’t complete all the stage payments through lack of incoming investment funds. If other parties come in and want a 51+% slice then that will do nicely thank you.

        Warnock was taken on to keep the football spinning and divert the flack.(albeit he didn’t realise his role at the time of signing on), allowing the master plan to ‘rock and roll’ and the protracted wheeling and dealing to be done.

        Everything seems to be going to plan for the aforementioned but not unfortunately for the humble supporter and Warnock for that matter, who has to suffer the ongoing turbulent involvement of Mr Bates in this Club but the season is nearly over and who knows White Knights may well fly in and save us all.

        Football, what football?.

      • mrbigwheels

        Haha…. perfect. Just announced… the fans forum scheduled for monday 18th Feb has been postponed, now to be held later in the season.
        Should give all parties time to exchange their bids and not have to answer the Warnock situation.

      • Irving08

        MBW. I think you’ve nailed it.
        Anyone who wants to say anything on the ownership issue, either has to start from where you have left off (unless they have juicy detail for fleshing out) or go find another site.
        Never underestimate Bates TSS.

      • mrbigwheels

        Thank you for the comment Irving.

        Juicy details can get a poor man into hot water but if you want an ending, I’m of the opinion that what is about to kick off will propel ”the brand” and it’s associated base at Elland Road into a +£250,000,000 product within the next five years.

        How that is achieved and true timing will be decided by the quality of investor the new men have that are about to jump on board. Bates and/or family will still be involved….. obviously, (think Chelsea ground), but the football will have moved on somewhat.

        There are plenty of admirers and today is valentines day. Seize the day and expect fresh developments from ardent suitors… imminently.

    • Matthew

      Where’s your proof of this? Love him or hate him, Duncan Castles is a journalist, asking the right kind of questions, the questions that need to be asked, he’s going after the story more directly and I can almost guarentee that there are journalists out there watching the club in a less direct manner ready to pounce on the latest scoop, we’re Leeds United, we’re always under the microscope.

  9. Cobra

    This resembles the firesale of smith,ferdinand,fowler and the others everyone seems to be making money on the back of LUFC,yet there still no signs of money going into Leeds transfer budget to buy quality players to get us promoted unlike all the other teams around us who seem to be improving their squad

  10. Chareose

    I think GFH are looking for an OUT and I think Ross Barclay went home because GFH didn’t want to pay his wages….

  11. Peter McGonzie

    I thought this whole rigmarole about the buying out of Leeds United last summer supposedly now completed in December was over. What is Ken Bates playing at? Does he think the Leeds fans were born yesterday?

    I’d rather have Adam Pearson (who knows what he’s doing) at the helm, than some faker disguising his business chums as NEW investment/buyers.

    As for potential manager at Elland Road possibly next season, how about appointing Roberto Di Matteo?

    • mrbigwheels

      As to your latter point I hope ‘the boys’ have got the position sorted as the manager and his staff have, like some of the fans, have had enough of this panto and will soon be heading South to a more peaceful environment….. quote ”Sod ‘em”, the boys that is.

      • Northumberland LUFC

        Mrbigwheels, surely if Bates has operated in a manner such as Old Goat suggests earlier today is this not illegal to pretend to sell a business and coerse in this act with another (GFH in this case). Surely there are measures in place today which would prevent such possibly fraudulent business activities. Also would the FL not be wise to this type of skulduggery?

        Cheers Northumberland LUFC

      • Old Goat

        Oh, couldn’t possibly suggest our fearless former leader would indulge in such skulduggery. Just pointing out that – in abstract terms – it would appear to be possible in future and therefore may also have been possible in the past. We might reflect, for example, that one of the many past owners of Portsmouth has had subsequent owners and potential owners by the nads because of ownership of the ground and related premises.

        The basic problem in all this is that the device of offshore ownership in all businesses – not just football – leads to a lack of transparency and successive British governments have declined to tackle the problem. Maybe one to ask your election candidates about when they come knocking on your door next time.

      • Northumberland LUFC

        Thanks for reply Old Goat, I’m lost when it comes to understanding the business banter. But I’m not surprised as we are talking about Ken Bates and his intricate M O in football club ownership.

        Cheers MOT

  12. Markyb

    what we want to see from an owner is stability and let the fans know what the plans are for the team and upgrading elland road. We have been stagnant too long, no information at all. We need to know what direction we are going in, if that mean Pearson taking over the club, Adkins coming in or even O’leary coming back (he always said he had unfinished business at leeds) then all of those thing would be great for us. My message would be just let us know what the plans are and how we are going to achieve them. If fans know whats what then they can buy in to the idea.

  13. Reiver

    According to a report today in the Luvvies Daily, GFH are in it for the Long Haul – it seems our misery is set to drag on indefinitely.

  14. LegalBeagle2

    it’s clear as crystal that Ken Bates is still the main beneficial owner of LU, albeit covertly (yet again) just like he was from 2005 to 2011. Some fans may find it difficult to believe, or possibly to understand the technicalities, but many will find it so transparently clear because no other scenario fits all the facts. Some say he even owns Elland Road and Thorp Arch, through secretly-owned offshore companies of course; in which case, the rents go to him too.

    GFH Capital have merely been employed to do what the Chairman has been unable to achieve himself, despite 8 years of trying; namely to find one or more investors or buyers for the Club. We have all seen that no investor has shown the slightest desire to work with him and certainly (until GFH came along) nobody has been willing to buy the Club from him.

    Does it ever take 7 months to buy a football club? – no it doesn’t. But anyone can see why it might easily take that long to set up a pseudo buyout.

    Has GFHC identified any individual tycoon who has funded the recent takeover? No it hasn’t.

    Has GFH made public the price they paid for LU or the terms of the purchase from KB? No – the various figures reported, ranging from £14m to £52m, are purely media speculation.

    How much has been invested since last June in buying quality new players? Nothing worth cheering about after you deduct the receipts from selling off our best team members during the same period.

    Yet, suddenly bids from investors have apparently started rolling in, even though our “former” owner hasn’t actually departed yet. I won’t believe it until I see the new money in the bank and new players being bought with it.

    When have we ever seen signs of Ken Bates’ ego being subservient to the will of others? Never – yet now we see the Chairman’s Notes disappearing from matchday programmes and his removal from the Board of the Club’s holding company. Brilliant tactics, actually, if you’re trying to persuade prospective new investors that he is no longer a presence to be reckoned with. However, I’m not yet convinced he’s really gone when I’m constantly reminded who is to be the new President at the end of the current season – the residual ego gives it away.

    GFHC, would have us believe that they have already done much for the Club and its future. I regret I can’t see the injection of any real value at all yet and, as for re-engaging with the fans, all I see so far is patronising statements and a social networking facility that cost nothing to provide.

    The Club is reportedly short of at least £4m but it has also reportedly spent about £4m on litigation during the last 7 years, to recover how much? – just £190,000. So is that case over now and did we win? No it’s not and no we didn’t. In fact, according to Ken’s programme notes on 22nd December, it seems it’s only just starting up again; but in England this time instead of Jersey. Are the “new owners” seriously in charge of such a waste of money? And do they think armslength investors will really buy into a club still in the throes of such wasteful litigation? Not a chance, I imagine.

    It will be interesting to hear what answers are given to Club supporters, at the proposed forum to meet the new owners (whenever it eventually takes place). We really need to ask them some meaningful and probing questions but I’m confident most of them will remain entirely unanswered due to the “confidentiality agreement” they purportedly signed with KB. What nonsense from new owners who claim they want to “re-engage” with the Club’s supporters!

    Trust me – Ken is still the beneficial owner of the Club.

    • Pharadiddle

      This is a brilliant post and sums up the position for me..I agree 100% with the conclusions of the poster above its the only one that Ive read that makes any real sense at all …unless you like the usual mind numbing “get behind the team” and the hold hands and sing “we are the world” approach, hope for a better day… and yes… its now your fault Leeds fans, for not throwing even more money at a club that to date refuses to invest properly in the reason you all go there in the first place. The big bad Ken has gone away club, long live GFHC….beware doubters… your now the purveyors of…nonsensical conspiracy theories…..your the perennial armchair moaners….what utter crap TSS.

      In reality the financial situation of our club is now so convoluted it must be complicated enough for those “in the know” to ascertain who owns what, is lending what to who and where etc, hence why they probably have a new Forward Sports Fund in the Caymans dedicated to working it all out as they did when “Bates was not connected to the ownership of LUFC in 2005 -2011, and was only the UK representative (or President if you like) …….Frankly for me just seeing Ken Bates sat with that fat ba%^&d Lorimer at the Ethiad on Sunday was sickening enough to keep me away for the next at ER


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