leeds go into addministration

If they do not manage to get the CVA set up in time for the start of next season will they lose a further 10 points . How long have they got to reach agreement ?

 

It is likely to be as soon as the Administrators can work out who the creditors are and what the offer is.

Unless the Revenue change their minds the vote must be before the end of June.

"The club has £35 million in debt and one of the creditors is Her Majesty's Revenue and Customs, which has been demanding £5 million in tax payments and willl liquidate the club and sell off its few assets if it has not been paid by June 25.

Creditors have to vote on the deal. While the football debts (players' wages, etc) must be paid if the club is to continue, other creditors face the choice of forgoing some of the £35 million they are owed or risk the club being broken up and then taking their place in the queue, behind the Government and banks, for its few assets".

 

And guess who's at the head of the creditor's queue? Only Mr K Bates...

 

He'll only 5punk his share , so should go to the bottom

 

This says it all about why leeds have suffered such a demise...

There is a story that when Seth Johnson arrived at Leeds to discuss his contract, his agent wanted to hold out for £13,000 a week. Peter Ridsdale entered the room and said "Right, I'm sorry but I can only offer you thirty thousand a week". Johnson's agent uttered some exclamation of disbelief and so Ridsdale said "Alright, thirty-eight thousand then". (Taken from wikipedia)

hahahaha stupid stupid leeds!!

 

Leeds get docked points for going into administration - possibly due to miss management.

Wet Spam, not docked points for blatantly flouting financial rules.

Something not right here.

 

Sums up Risdale , what a twonk

 

spot on

 

The administration rule is an absolute rule, whereas the player registration rule has a variety of sanctions attached to it.

 

Fortunately this story is absolutely true. Johnson was asked about it when he returned to Derby. He was asked to justify his part in bringin down Leeds with huge wage demands - that's when the story came out. Seth rightly said he would have been a fool to say no.

 

Imagine that pitch - Rugby every Friday, then Footy every other Saturday!:]]

 

ahaha glad we're not playing them!