Tycoon's £60m Leeds bid delayed by board wrangle

From www.teamtalk.com

Tycoon's £60m Leeds bid delayed by board wrangle



Ugandan tycoon Michael Ezra's £60m bid for cash-strapped Leeds is reportedly being held up over a technicality regarding boardroom composition.

Property mogul Ezra is understood to have been given a guided tour of both Elland Road and Leeds' Thorp Arch training complex in the past few days, with the 30-year-old due to watch the relegation clash with Wolves.

Ezra is understood to have the money in place, with his offer dwarfing that made by a Yorkshire-based consortium who have been is discussion for almost three weeks regarding their own takeover.

Sports philanthropist Ezra, who helps fund the Ugandan boxing team, is looking to have his own men in place in the boardroom. But Leeds' chief executive Trevor Birch is unhappy with such a proposal, although negotiations are likely to continue while Ezra is in England.

"The six-man board that I had presented doesn't have any Britons and Leeds don't find that acceptable," said Ezra through Ugandan newspaper The New Vision.

"They also feel that my board lacks the technical expertise to bolster the club, but money is no longer the issue, that has been sorted."

Ezra added: "Leeds know that I have £60m, while my board would also spend an extra £30m to strengthen the team.''

Ezra's apparent bid comes just days away from the latest deadline imposed by creditors, who are owed a combined £82m.

If the proposal is to be believed, American bond holders Metlife and Teachers, along with British company M&G, as well as player-leasing agents Registered European Football Finance Ltd, would almost certainly be willing to pursue Ezra's offer.

Hmmmm this may make things worse in the long run..... but would the fans back the board if they refuse the offer because of this?!?!?!

Quote:

---

Originally Posted by Shotgunjim

Hmmmm this may make things worse in the long run..... but would the fans back the board if they refuse the offer because of this?!?!?!

---

To make this situation worse is either relegation or administration leading to liquidation. The current board have screwed the fan's over completely, I doubt they would mind them being replaced...

"They also feel that my board lacks the technical expertise to bolster the club, but money is no longer the issue, that has been sorted."

And this from the bunch that got them in this sh!t in the first place

Classic :milk

Looks like I can put my pound back in me pocket then. :woot: :woot:

Quote:

---

Originally Posted by Termy

Looks like I can put my pound back in me pocket then. :woot: :woot:

---

Throw it in the kop end m8 and watch them fight for it. :woot:

Quote:

---

Originally Posted by silas

"They also feel that my board lacks the technical expertise to bolster the club, but money is no longer the issue, that has been sorted."

And this from the bunch that got them in this sh!t in the first place

Classic :milk

---

I didn't think there was any of them left anymore?
Or am I wrong? :nowords:

Anyway, I don't see how we can turn him down.
Even if it all sounds shady as f***!

Radio Aires reporting that the £15m/20m/25m (delete as applicable) Yorkhisre consortium is in the final stages of the take over and all is expected to be legally completed within 14 day. Creditors are satisfied and will announce an extension to standstill tomorrow lasting until 1 March.

I think the local consortium have a better chance. Mr.Ezra having a well deserved pop at the current board won't help him in his bid to buy the club. Though he look's like he has the financial clout and credential's to sought the club out.

In support of Mr Ezra, his proposed board has neither the skill nor the knowledge to run a football club. Last time we appointed a board like that we got to the chuffin' Champions League semis

Further fortnight for Leeds

Leeds have been granted a fifth extension to the 'standstill agreement' with their principle creditors as consortium negotiations continue.

Chief executive Trevor Birch has been given a further two weeks, up until 27 February, during which time complicated and painstakingly-slow discussions with a Yorkshire-based group looking to takeover the club should either finally bear fruit or founder.

A statement to the Stock Exchange read: "The board of Leeds United plc confirms its major finance creditors have granted an extension to the existing standstill arrangements until 2pm on Friday 27 February 2004 pending the outcome of negotiations with interested parties, including a Yorkshire based consortium, and further discussions concerning the longer term restructuring of the Group.

"On the basis of the current discussions, the board of the company re-iterates it does not believe there will be any realisation of value for shareholders from the offers being contemplated."

Although talks with the Yorkshire-based group are at an advanced stage, last week it materialised the apparent £20m bid will not realise any value for the shareholders.

Talks have now been ongoing for almost three weeks between the club, consortium and creditors - bondholders M&G, MetLife and Teachers, player-leasing agents Registered European Football Finance Ltd, as well as the Inland Revenue and Customs & Excise.

Earlier this week Ugandan tycoon Michael Ezra announced he had made a £60m bid for Leeds, one the club have so far denied.

Anybody have any ideas who is part of the Yorkshire consortium? I heard It was Peter Ridsdale, Jimmy Saville, the cast of Emmerdale and Nell McAndrew. :D