i dread to think how this matter would have been dealt with by the FA/administrators if Leeds weren't such a "big" or well supported club....not that any other club would have been stupid enough to get into so much debt or offer ken bates a way back into football in the first place but if this was say, ooo, us for example, there would already be the foundations in place for 300 town houses where oakwell once stood with street names such as Redfearn Row, Taggart Terrace and Glavin Gardens....
It has happened to us We did go into administration. We ****** our share holders. We screwed our creditors. Many got nowt. We were bought by someone who mortgaged the land to the sterling consortium to fainance the deal. We even sacked a manager while in administration and failed to honour his contract! And the FA did absolutely **** all to us. We weren't even docked points.
RE: It has happened to us i had tried to forget our little episode a couple of years ago but ours was more like a little cry for help, we weren't in that much debt in comparative terms i think JD and his board back then decided they had had enough and by going into administration they would get a bit of free marketing....obviously back then the punishment for going into administration hadn't been put into place, if it had it would have been dealt with differently IMO
RE: We went into administration for a bit of free marketing? am not saying that's how it was but if barnsley needed to find 2 million quid today to avoid folding they wouldn't go into administration, no chance
RE: We went into administration for a bit of free marketing? ................we owned the most land of any club in the league. we were cash poor but asset rich..................I could never understand why people - particularly the adminstrators and Doyle kept playing the 'club nearly went of business card'. Doyle was an opportunist who made a fair amount of mony out of buying/selling BFC without ever investing his own money. Thank god he has nothing to do with BFC anymore.
I think that was our problem - cash poor but asset rich. Couldn't service our debts but liquidation of the club with consequent sale of assets would have raised enough cash to give the creditors a reasonable return. If a club is cash poor and asset poor, were it to go into liquidation, the creditors would get **** all because there'd be nothing of value to sell. Creditors will therefore go to great lengths to renegotiate repayments in order to keep such indebted companies trading - at least that way they're getting something back. The fact that our creditors wouldn't have minded if we went under worked against us I reckon.
