From: Luisa <[EMAIL PROTECTED]>
Freddy Shepherd, the ousted chairman of Newcastle United, is about to make a sensational swoop to buy Leeds United from Ken Bates. He has already had discussions with Bates, the owner of the ill-fated Yorkshire club, and takeover negotiations are believed to be at an advanced stage. Shepherd and Bates were spotted dining together on Tyneside last week and independent sources have confirmed that Bates could be willing to sell - and that Shepherd is ready to buy. Although Shepherd is still a regular visitor to St James' Park where he has a box, close associates have revealed that he has been missing the excitement of being involved in the game and recognises the potential of reinvigorating one of the biggest clubs in the country. Only three months ago, Shepherd made more than £37.6million by selling his family's 28 per cent stake in Newcastle to billionaire Mike Ashley and he is thought to regard Leeds as the perfect opportunity to make a quick return to football. Despite their relegation to League One and the 15-point penalty imposed for financial rule breaches, Leeds remain an attractive investment because of their pedigree, strong fan base and development potential around Elland Road and the training ground at Thorpe Arch. Her Majesty's Revenue and Customs last month dropped court action over the controversial sale of Leeds back to a company run by Bates after the former Chelsea chairman had put the club into administration with debts of £35m at the end of last season. While tax chiefs may still seek to recoup a sizeable portion of the £8m they are owed, Bates is now effectively in control of a club which is virtually debt-free. The sale process, to Shepherd or any other party, will nonetheless take some time. First, the old football club company, Leeds United Association Football Club Ltd, will be taken from administration into liquidation, either by administrators KPMG or another firm. The money received from Bates for the club will then be used to pay off non-football creditors at a reported rate of about 11p in the pound. Once that hurdle is overcome, the club, now under the banner of Leeds United 2007 Ltd, a company in which Bates and allies Shaun Harvey and Mark Taylor are directors, will be able to re-apply for full FA membership. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org
