Bates To Blame For Financial Mess

It wouldn't surprise me if GFH have recovered a very high proportion of their money they paid to Bates via management fees/wages/other expenses. (If we go into admin, as Bates did, the last years accounts will never be seen....convenient that , innit)

GFH and Haigh will be aiming to have enough "debt" owed to them remaining in lufc that will put them in control in a pre-planned admin like Bates did in 2007.

Those 6 months working with Bates before and the few months after, was their "learning the tricks of the trade" time.

Haigh himself has a couple of hefty million pound plus secured loans owed to him by lufc (Berrydale and Brendale loans, interest rates on these may be a lot higher than Cellinos 7%) ...and who might really have put the money up for these loans? Haigh says his family...but based on his past record, this might not be totally accurate....

At the admin meeting at KPMG offices in 2007, the Bates mob only had to give a brief synopsis of the previous years trading, the mysterious appearance of the Astor loan and who controlled Astor was not questioned at all, apart from Bates and Taylor swearing on oath it was nothing to do with them, guv.

Astor demanded that they would only accept Bates gaining control after admin, hahahahahaha, ...even then, they had slightly miscalculated, due to the size of the debt owed to HMRC, Astor was just under the 75% to push things through, ..so all of a sudden, another debt from yorkshire radio appeared.....

LIW, you don't get it, Finances were a total mess
Bates borrowed against future ST sales.
Also the wage bill with little quality etc
The club was a mess, it's you that's blind.
GFH were incompetent any fool can see that
My home games, is that relevant ?
I can assure you my boycott is over!!!!!!

Bates left 19 million of debt, the club was leaking ten million a year while he and Harvey were in charge. His stewardship of the club was a disaster from start to finish, continually blocked takeovers by more credible, wealthy buyers, rigged the administration process so only he could buy the club

RSL

I wouldnt bother replying to LIW, thick as a plank!

Anyone I mean absolutely anyone who thinks master did anything for the good of the club, are living in cloud cookoo land. The so called human gives not a jot about anything but his bank balance. No more no less. Anything he may have done was for his gain only.

Bates, is he not the one who wanted to ruin this club?..

It stinks off him knowing what was coming and letting this lot continue it for him!..

When he meets his maker there'll not be to many around here seeing him off!..

Well, maybe with an Effenburg finger but not much else!.

All Hail Caeser !!!!

Sorry for late reply been out.

I agree totally, I too think they thought it would be an easy profit. I still think they were naïve.

My point is this, Bates knew exactly what he was doing when he gave up the reins. They punched above their weight and got caught out. He will have profited, there are many on here don't think he's a good businessman (I'll wager his bank manager thinks he is..!!)

But, being a good businessman and being a decent and honest businessman are two different things...!

I don't believe the financial situation was unknown to GFH following due diligence and following due diligence they continued with their purchase.



harj

Your opinion is as good as any on here, better than some. On this occasion I agree Bates was at fault when he was in charge and he was responsible for the failings of the club under his tenure, but I think GFH took on that mantle the day they bought the club. It was not Bates making them say what they said. They, willingly took on a club and all that entails, telling us they were in a position to fund anything and everything. That wasn't Ken Bates doing.

its a bit of both to be honest why would bates sell if the club wasnt already heading down a dark path?? he knew what was coming in my opinion

GFH on the other hand .... my lord what a mess theyve created since!

TFP

He knew what was coming, there is no doubt of that. He saw an opportunity and took it. They put themselves up as the patsy's.

GFH Naïve in football, naïve when dealing with a businessman that probably ran rings around them in their meetings. He will have told them exactly what they wanted to hear and they would have swallowed it hook line and sinker.

There are some on this site think Ken Bates was wrong to do that, I am sure Ken Bates and his bank manager think differently.