ASA Clears Beckham's Whisky Ad Force India To Skip Jerez Test EPL Clubs Dominate Transfer Market Tottenham Chair Backs New Player Lodge Bradford City Co-Chair Blasts Broadcasters Three Bears Slam Ashley Over $15M Deal Mercedes F1 Team Inks Deal With Epson Virgin Urges Halt To EPL Auction ManU's Ed Woodward EPL's Top Paid Exec Royal Troon Ready To Welcome Women
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
Upcoming Conferences and Events
SBD Global/July 29, 2013/Franchises
Leeds Chair Ken Bates Claims $185K-A-Year Private Jet Deal Prompted Sacking
Published July 29, 2013
ACCOUNTING GAME: In London, Conn reported in a separate piece that a deal done in Dec. '11 with a company, Lutonville Holdings Ltd., connected to Outro, by which Lutonville paid £3.2M for preference shares, "involved a regular payment by the club to Lutonville." Leeds paid a "set-up fee" of £100,000 to Lutonville for the £3.2M, which "was used to repay creditors, principally Caddick Construction." They were paid £10M by Leeds for "developing the centenary pavilion and conference and banqueting facilities in the Elland Road east stand." Under the terms of the agreement, Leeds United paid Lutonville a "monitoring fee" of £40,000 every quarter. When Bates sold Leeds to GFH in December, the £3.2M preference shares were repaid at £4M, an £800,000 profit. Leeds United's published accounts state that "Lutonville Holdings is a related party by virtue of its connection to Outro Limited." However, Bates said that Lutonville "is not in fact his company." Of the monitoring fee payment, he said that "he could not comment because he did not have the details in front of him" (GUARDIAN, 7/27).