Sorry, £17.6m.
I can't believe that that sum waived doesn't exist as a liability in the manner
that Cardiff owed one of Sam Hamman's companies money.
At a hearing on 29 January, Leeds declared that Bates and a
long-term business associate, Patrick Murrin, jointly own "management
shares" in Forward Sports Fund, the company registered in the Cayman
Islands, administered in Switzerland, which ultimately owns Leeds
United.
Murrin and Mark Taylor, Bates’ solicitor, both explained that that means they
own the company.
The January hearing also produced the declaration that Forward
Sports Fund was itself originally owned and formed by Astor
Investments, a trust fund based in Guernsey with an address in Tortola,
the British Virgin Islands. In May 2007, after Bates and his fellow
directors had put insolvent Leeds into administration with debts of
£38m, Astor agreed to write off a huge sum it was owed by the club,
£17.6m, as long as Forward Sports Fund bought the club back and Bates
remained in charge.
That gave Bates an enormous advantage over other bidders, who had to
include Astor’s £17.6m in any offer they made. In July 2007 the
administrators, KPMG, did sell the club back to Forward, for £1.8m.
With Astor waiving its £17.6m, Leeds’ other creditors, including HM
Revenue and Customs which was owed £7.7m unpaid tax and VAT, were paid
off at 10p in the pound.
>
> Then someone (whoever that is, I can't be sure - but they own Forward Sports
> Fund, or whoever - registered in the Cayman islands or whatever - who waived
> a debt of £7m for the re-sale of Leeds United from Ken, to, er, definitely
> NOT Ken) - well, if that were me, surely those fuckers want their £7million
> back at some point in time?
>
>
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