Naefy asked:- > > Can anyone xplain to me why Bates would be happy for us to be in the > situation we are in? Surely the Bates materplan must be to sell the club > for a large profit. Why would he bother spending money on the ground and > facilities since that is unlikely to bring in a multibillionaire as much as > success on the pitch so surely he'd be better off spending the money on a > couple of big signings to get us promoted, or just trouser the cash. >
Before I start this is purely hypothesis and has no evidence based grounds but it could just be thus: Once upon a time there was an ailing football club with debts so huge the directors thought they would lose their houses. They sought to sell the club and were close to securing a deal with a purchaser keen to repurchase the property assets and return the club to its former glories. Unfortunately for the current directors that meant that they would have to settle any loans secured upon their homes out of their own pockets. At the 11th hour along came an alternative purchaser offering to take the club off their hands and, in time, repay their personal debts. This was music to the poor directors ears and they quickly dropped negotiations with the first purchaser and hastily signed up with the new one. The new owner set about clearing off the club debts in any way he could by any means he could. Whilst clearing the debts he told the old directors to 'do one' due to the mess they had left for him to clear up. The old directors had negotiated a sale and lease back deal on the ground and training ground. The ground and training ground became available at a bargain price a year or two ago as part of the buy-back deal, about £12m. The club pays rent of about £2m a year. The club owner made a big point of allowing the council to refuse to help the club in securing the property shortly before putting the club into administration. When the club came out of administration a rental agreement on the training ground was lodged with companies house but no such agreement was lodged on the ground. If, when the council refused to help in 2007, the club owner became the landlord the cost of his purchase would probably be recouped within 6 years. The club has recently funded repairs to the property, thereby increasing its value. One can only guess why a tight fisted club owner would pay for developments to someone else's property? The club is now funding the 5 stage development of the 'leisure' complex - Bates Motel etc. Is it beyond the realms of belief that when the development is fully completed or can be milked no longer - that the leisure development properties will be used to settle loans/debts/missed rental payments owing to the club owner or landlord? The development property and the existing ones could be worth in excess of £50m. So there are 50m reasons why the current club owner would like to maintain control and keep off the radar of the masses for a while longer yet. Cheers Paul _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] PETE CASS (1962 - 2011) Rest In Peace Mate
