5 years up soon

[Drs.Dad]

It has been mentioned recently that the new/old owners are waiting for the 5 year plan to be over before committing themselves to a purchase. I understand that if we were sold within 5 years from x date, the bods which Leeds United owed money to would get a good sum of it back.
Does anyone know owt about this, as I understand the date to end the 5 years is the 13th July?

[YorkshireSquare]

It has been mentioned recently that the new/old owners are waiting for the 5 year plan to be over before committing themselves to a purchase. I understand that if we were sold within 5 years from x date, the bods which Leeds United owed money to would get a good sum of it back.
Does anyone know owt about this, as I understand the date to end the 5 years is the 13th July?

As I understood this it was one of the clauses which was mentioned as part of brokering a deal with HMRC but was never put in place. The only cluase we have to deal with is the 10 year promotion clause.

[billysboots]

13th July is my lad's 8th birthday! We've got him a new Leeds home shirt, along with others things.
Would be nice if the new owners were in place by then.

[Gino 1959]

13th July is my lad's 8th birthday! We've got him a new Leeds home shirt, along with others things.

A Newry City away shirt perchance?

[Drs.Dad]

As I understood this it was one of the clauses which was mentioned as part of brokering a deal with HMRC but was never put in place. The only cluase we have to deal with is the 10 year promotion clause.

I have seen it on another forum that this is in fact a 5 year period after Bates purchased the club from the administrator under the FSF umbrella, which was on 11th July 2007. Unsecured creditors lose any rights to compensation after 5 years apparently. I still dunno whether it's true or not, but could give a guide towards completion.

[Dr.Leeds]

I have seen it on another forum that this is in fact a 5 year period after Bates purchased the club from the administrator under the FSF umbrella, which was on 11th July 2007. Unsecured creditors lose any rights to compensation after 5 years apparently. I still dunno whether it's true or not, but could give a guide towards completion.

Svend had provided documentary evidence on Twitter that this is not the case.

Apparently the only clause we face is that we would have to pay in the region of £4.2 million to creditors if we were promoted to the Premiership within 10 years of coming out of admin (I.e. July 2017) This would be small beer compared to what we would receive on promotion and would not be a barrier to aiming for that promotion.

[billysboots]

A Newry City away shirt perchance?

No, not leaning that way yet (Another team with money troubles).

[Gino 1959]

No, not leaning that way yet (Another team with money troubles).

lol - get him down the road to Warrenpoint for an up-and-coming team :mrgreen:

[YorkshireSquare]

I have seen it on another forum that this is in fact a 5 year period after Bates purchased the club from the administrator under the FSF umbrella, which was on 11th July 2007. Unsecured creditors lose any rights to compensation after 5 years apparently. I still dunno whether it's true or not, but could give a guide towards completion.

It's not true, I've already told you that.

[Gino 1959]

It's not true, I've already told you that.

It's his age - you may have to tell him LOUDER :mrgreen:

[Drs.Dad]

It's his age - you may have to tell him LOUDER :mrgreen:

Ehhhh? Yer what???

[Gino 1959]

Ehhhh? Yer what???

you really are an endearing old codger, aren't you!

[Drs.Dad]

you really are an endearing old codger, aren't you!

What'd you say, sonny?????

[Gino 1959]

What'd you say, sonny?????

Would you like another son :luv:

[Drs.Dad]

Would you like another son :luv:

My lads won't let me, summat about killing me if I tried to water down their inheritance!

[mav]

except of coarse, Bates "bought" the club more recently than that didn't he!

[mattj13]

except of coarse, Bates "bought" the club more recently than that didn't he!

I always wondered why the ownership was layered up like it was. Didn't Bates buy FSF, which own Leeds City Holdings (Sp?), which owns Leeds United FC Ltd?

If the clause was in the Leeds United FC Ltd. business, then it wouldn't cover Leeds City Holdings or FSF changing hands?

Confused myself now.

[mav]

I always wondered why the ownership was layered up like it was. Didn't Bates buy FSF, which own Leeds City Holdings (Sp?), which owns Leeds United FC Ltd?

If the clause was in the Leeds United FC Ltd. business, then it wouldn't cover Leeds City Holdings or FSF changing hands?

Confused myself now.

Yes, unless it was written by an idiot.

[YorkshireSquare]

I always wondered why the ownership was layered up like it was. Didn't Bates buy FSF, which own Leeds City Holdings (Sp?), which owns Leeds United FC Ltd?

If the clause was in the Leeds United FC Ltd. business, then it wouldn't cover Leeds City Holdings or FSF changing hands?

Confused myself now.

I think it's supposed to confuse you.

[Martyn]

It's not quite as simple as Bates owning Leeds.

Leeds United Football Club Limited is a wholly-owned subsidiary of Leeds City Holdings.

Leeds City Holdings has 5 shareholders:

• Forward Sports Fund (FSF), incorporated in Nevis, West Indies hold 72.85% of the shares.
  Outram ventures, registered in Tortola, British Virgin Isles own 7.70%
  Donald Manasse, a Monaco lawyer, owns 7.15%
  Homer Trust, registered at Chateau Fiduciaire, Geneva, own 7.15%
  Halton Sports Limited, location unknown, own 5.15%

Forward Sports Fund was acquired by Outro Limited, registered in Nevis, on 26th April 2011.

Ken Bates owns Outro.

Here's a handy picture