Bates Reportedly Planning To Cut And Run From Leeds

Ooops, it is all coming out now. When I posted suggesting that the take over at Leeds might turn in to a nightmare, Leeds fans fell over themselves in a rush to call me an idiot. I knew nothing apparently, GFH were simply fronting the deal, the real buyers were filthy rich individuals happy to pump oil money into the club. Not so it seems. GFH are the buyers.

Now, according to the Yorkshire Evening Post, Bates is planning to sell his interest in the club and disappear into the sunset - or into his grave if Leeds' fans wishes came true. Good riddance the flat capped whippet owners will say, but they are missing the point. If Bates is planning to go, then Leeds fans should start to worry with a capital W. The guy is a wily old bastard when it comes to money and he wouldn't be walking away from a great investment - unless he is selling the club at way over the odds or he believes that things are going to go tits up after the sale.

And there is the rub. Look closely at GFH and you have to gasp - not in awe but in trepidation. If this outfit was planning to buy West Ham, I would be organising a campaign to block the sale, not rolling out the red carpet! And this is nothing to do with racism - although I must confess that I would object to being owned by a company that in its literature makes such a deal out of investing in Islamic companies and culture because that is, to me, racist in itself: we are supposed to look beyond race, culture and creed, but GFH put Islam at the centre of their mission statement to the exclusion of other religions. I object to Christian Aid as a Charity because of the use of a religion in its title and I would certainly not give my custom to a company that aligned itself with the Christian faith to the exclusion of Islam, Judaism, Hinduism etcetera.

But that is just the top of the boil. The real puss is what lies beneath, a septic mess of debt that, if reports are correct, seems to be eating Leeds' potential new owners from the inside out. I quote from the Yorkshire Evening Post here:

"Since then, Gulf Finance House, which made losses in excess of £200million in both 2009 and 2010 but is in profit for the past 18 months, has announced a deal to restructure part of its debt and drawn up a plan to restructure more. GFH said recently that it now expects “sustainable profitability in the long term.”

"Others are more doubtful. The YEP has seen a document produced this week by a global market investment firm, in which GFH is discussed as a possible investment opportunity. Independent of KPMG’s analysis, the firm declares itself “wary of GFH’s ability to carry on as a going concern given its continued inability to produce cash from its core operations.” The document also says that “we believe GFH is only staying afloat because of its successful debt restructurings and the continued financial support of its shareholders.”

Tell me, if Master Bates anticipated Leeds making it to the promised land of the Prem, why would he sell out just before the club hits the jackpot? But if he can get top dollar and walk away risk free from a bunch of chancers who may be looking for cheap publicity by buying a big name football club, then why wouldn't he do it? Leeds fans claim he hates the club and its fans so cashing in a profit and leaving the club to go to Hell might have a certain appeal. Revenge is sweet, especially when you sign the contract with a pen donated by LUST!

Now this is all speculation and may be unfair. GFH may be great news for Leeds. But there are lots of questions still to be answered and those who are gloating are being more than a tad presumptuous from what I can see.