http://lufctrust.squarespace.com/blog/2012/2/6/lust-statement-on-leeds-united-investment.html
L.U.S.T Statement on Leeds United investment
Monday, February 6, 2012 at 4:40PM
Last week on Yorkshire Radio, Ken Bates invited the Leeds United Supporters'
Trust to, "put their money where their mouth is." With this in mind, the
Trust is today asking for any parties who may be considering an investment
in, or outright purchase of, Leeds United, and who share the aims and
ambitions of our fans, to contact the Trust with a view to working together
to take Mr Bates up on his offer.
In recent weeks Ken Bates has made numerous comments about the difficulty of
attracting investment in to Leeds United. In his programme notes on 2nd
January 2012, Bates wrote that: "On average, I am contacted every two weeks
by some new would be overseas saviour or a middleman who claims to represent
some Sheik Rub-A-Dub." Last week on Yorkshire Radio, he claimed that offers
of investment: ".come through the door every week of the month." The Trust
does not find this level of interest surprising given Leeds United's massive
potential, and our current status on the fringes of promotion to the Premier
League. We are surprised, however, that with an average of at least twenty
offers of investment a year, none have proved credible enough to move
forward.
While Ken Bates' public comments suggest investment would be welcomed at
Leeds United, his reaction to the interest of high profile Australian
billionaire Frank Lowy in April 2010 suggested otherwise. Mr Bates claimed
on Yorkshire Radio that: "I had never heard of [Lowy]. This Lowy, I think he
runs Westfield, the property company. Aren't they the one that has
completely buggered up the town centre of Bradford? ... It is no secret we
would welcome further investment. But we are quite blunt - name and money."
Despite Mr Lowy being a well-known and credible businessman, Ken Bates'
widely reported comments appeared to bring his interest to an end, and we
wonder if other credible investors have been similarly dismissed in recent
years.
A further barrier to investment is that the size of the investment looked
for has not been made clear. It is not known how much Mr Bates paid to buy
Leeds United from its anonymous owners in May 2011, and so it is not known
how much he might be willing to sell for now. The investment that might be
required for a stake in the club is also unknown. The latest available club
accounts show that Forward Sports Fund invested £500,000 to acquire the club
from administration in 2007 but, subsequently loaned £441,000 of this to
another company in the Leeds City Holdings Group. We presume Mr Bates would
be looking for greater investment than this from interested third parties,
but would invite Mr Bates to outline exactly what level of investment would
be welcomed at Leeds United, so that informed expressions of interest can be
made that are more likely to satisfy the club's requirements.
Given the lack of clarity about the level of investment required and
following Mr Bates' comments last week, the Leeds United Supporters' Trust
would like to hear from any parties who may be considering investing in
Leeds United, with a view to working together. LUST has outlined its
ambitions for the club in its Campaign for Change Vision Statement, and
would welcome the chance to work with potential investors who share our
vision. Two key aims of the Trust are for investment to be focussed on the
playing side at Leeds, with a view to promotion to the Premier League; and
for those in charge of the club to develop strong links with the club's
fans. Establishing a dialogue from the outset with LUST would give fans the
chance to ensure that any new investment is for the good of the Leeds United
and will meet the ambitions of the supporters, and would give suitable
investors the support of a formal supporters' trust, with a growing
membership of around 2,500 Leeds fans, when dealing with the current owners
of the club.
Supporters' trusts have brought in well over £30 million of new finance into
football and rugby league, and Leeds United Supporters' Trust would welcome
the opportunity to bring new finance into Leeds United, to help bring about
change for the better at our club. If you would like to talk to us, please
email: [email protected]
We would also encourage Leeds United fans who share in our vision to join
the Trust and lend their support to our existing membership of around 2,500
Leeds United fans. The Trust is free to join, and it only takes a few
moments to fill in the membership form at http://lufctrust.org/
_______________________________________________
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
