Breaking news from Sky says the Inland Revenue are to launch a legal challenge against Ken Bates's Leeds United buy back deal..
just to get this straight ?? leeds go into admin , ken bates wipes 35 million quid of debt off , offering 1 pence in the pound to creditors , then buys back the same club and same set of players/land/holdings for nothing ( or 1 pence in the pound) then expects nobody to get upset.....
He's now come out and said he will pay upto 'eight times his original offer if no one objects to the intentions of the buyout. KEN BATES................... WHAT A T0**ER
which begs the question... ...how come they could only afford 1p a few weeks ago but now they can suddenly afford 8p?</p> Sounds like an attempt at fraud to me.</p>
And after they've done that they can start on all these "private equity" firms that are using a loophole to prevent paying tax on multi-million pound businesses. http://news.bbc.co.uk/1/hi/business/6263866.stm
RE: And after they've done that Not much benefit to that anyhow - most are domiciled in tax havens, and the rest will find yet another cunning way of reducing tax.