Kenny Boy at it again (FFS)

cardboardbox?Youwerelucky · Posted: Wed Sep 30, 2009 9:59 pm Post subject: Kenny Boy at it again (FFS)

The mystery surrounding the ownership of Leeds United has deepened after the club's chairman, Ken Bates, admitted that he had made "an error" when he said in January that he jointly owned the club.

Bates had previously informed a court in Jersey that he and his long-term financial adviser, Patrick Murrin, each held one "management share" in Forward Sports Fund, the Cayman Islands-registered company which owns Leeds.

Yet in an affidavit sworn for the same court in May, Bates stated that in fact he does not have any shares in Forward at all. His previous statement, that he had been the joint owner, was "not correct," he said, and "an error on my part".

Coming in the wake of the controversy surrounding Notts County's own mysterious ownership, the revelation that Leeds, one of the Football League's biggest clubs, have unnamed offshore owners, will now prompt pressure on the Football League to investigate.

The affidavit, sworn in a legal action Leeds are bringing against a Jersey-based company, Admatch, for money Bates says the club is owed, attached a letter from the director of Château Fiduciaire, financial administrators of Forward, based in Geneva. The letter said there are 10,000 "participating shares" in Forward, and the owners will not be revealed because Château Fiduciaire protects its clients' anonymity unless ordered by a court to disclose them.

Bates, in his affidavit, said: "Neither I, Mark Taylor [his solicitor and a Leeds director] or Shaun Harvey [Leeds' chief executive] are able to confirm who the ultimate beneficial owners of Forward are."

According to the League's regulations, club directors, anybody owning 30% or more of its shares, or anybody "who exercises or is able to exercise direct or indirect control over the affairs of a club" must declare themselves to the League and be passed as a "fit and proper person".

As Bates had previously said he and Murrin owned "management shares" in Forward, and Taylor said they were the only shares, it seems logical to conclude that Bates and Murrin were submitted as Leeds' joint 50% owners.

Neither the club, Taylor or Bates responded to the Guardian's questions about who was submitted to the League as the club's owners, nor how Bates could have made his "error" about whether he owned the football club.

The League does not disclose who have been named as the owners of a club for the purpose of the fit-and-proper-person test, claiming that it cannot do so under the Data Protection Act. But the fact that the owners of Leeds United are now revealed as holders of 10,000 shares in a Cayman Islands company, whose administrators will not disclose their identities without a court order, does beg the question about whether they have ever been passed as fit and proper.

That raises the possibility that Forward's takeovers of Leeds, with Bates as the chairman, in 2005 then in 2007 when Forward bought the club from administrators, may never have been properly ratified by the League

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HarryofOz · Posted: Thu Oct 01, 2009 7:18 am Post subject:

Just when you think he can't sink any lower - well I've never really thought that to tell you the truth.

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wewantourdarbyback · Posted: Thu Oct 01, 2009 3:54 pm Post subject:

Just off to put money on us being owned by Ridsdale.

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raveydavey · Posted: Thu Oct 01, 2009 5:39 pm Post subject:

30 Mill · Posted: Thu Oct 01, 2009 8:57 pm Post subject:

You lot make me laugh - You hate Bates and everything bad in the world is his fault (when you think he owns LUFC)

And then you find out he doesnt own LUFC, and q'ell surprise - everything still his fault

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raveydavey · Posted: Fri Oct 02, 2009 5:21 pm Post subject:

30 Mill · Posted: Fri Oct 02, 2009 8:45 pm Post subject:

Gopher · Posted: Sat Oct 03, 2009 10:16 am Post subject:

30 Mill · Posted: Sun Oct 04, 2009 7:30 pm Post subject:

Sorry - my bad! Sad

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Gopher · Posted: Mon Oct 05, 2009 9:15 pm Post subject:

Your forgiven. Wink

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It was like that when I got here.

raveydavey · Posted: Thu Oct 08, 2009 5:48 pm Post subject:

http://news.bbc.co.uk/sport1/hi/football/8296352.stm

Football League clubs will have to disclose the identities of their owners after a ruling by the League's board.

"As of today, it will be the policy of the board," a statement read on the Football League's website read.

Chairman Lord Mawhinney told BBC Radio 5 live: "It seems reasonable we ought to know who the beneficial owners are."

The issue was discussed at a League board meeting on Thursday, with the ownership of both Notts County and Leeds United under the spotlight.

Mawhinney feels it is important for the Football League to know the identity of the backers of their member clubs.

After the meeting, which also discussed the League's Fit and Proper Persons test as well as club ownership in general, a League statement read: "It was unanimously agreed that it will be the policy of the Board to insist that it is informed, with supporting evidence provided, of the ultimate beneficial owners of all Football League clubs."

League Two side County were taken over during the summer by Munto Finance, a private overseas investment trust.

The Shafi and Hyat families have been named as investors but other investors remain anonymous and, last week, former Pakistan prime minister Dr Moeen Qureshi denied any involvement.

"Meetings to clarify a few outstanding issues will occur during the next few days, with a view to concluding matters in the near future," the League statement added.

Leeds United were also discussed at the board meeting after question marks were raised over their ownership, with the statement adding: "The League has written to the club seeking clarification."

Meanwhile, the League sought clarification from Queens Park Rangers co-owner Flavio Briatore over a number of issues related to the Fit and Proper Persons Test.

Briatore was recently banned from FIA-sanctioned motorsport events after an Formula 1 race-fixing scandal.

Mawhinney added: "The law of the land complicates issues because people are allowed to put their money offshore and in many places that accords them anonymity that makes scrutiny very difficult.

"You don't defy the law of the land - if people want to do that, they can do it but If you want to place your money offshore and you want to have the anonymity then don't come and ask if you can play in my league because I think all of our clubs should know basically the structure of the clubs they are playing against.

"It's our league and, if we decide we want to know certain information before we allow people play in our league, I think we are probably entitled to do that but I have been taking some serious legal advice on this subject.

"I have been extremely careful in my remarks not to speak about specific clubs. I'm talking about a policy decision, a general principle. Having given this a lot of thought in recent weeks, I am comfortable in my position on this matter."

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