Thorpe arch

Mark · Thorpe arch

http://democracy.leeds.gov.uk/Pub...CThorpArchrpt170809v2.docA.ps.pdf

Read this on another board,if true we have til 10th October 09 to buy it back.....

Del

So we need to borrow more money to get it back?

Where has the profit gone, where has the money from Delph gone?

Our plan under Bates is to borrow money to buy it back, pile the debt on the club whilst he uses the money from Delph for himself?

SNIFFER CLARKE

Mark

Del

Seems to be doing the rounds on WACCOE, with that been the case the club usually looks on there (big brother spying) and will release a statement. Its pathetic how mis-informed/ not informed we are kept considering it is OUR money that runs the club

Del

Is now a story on the LUFC site regarding this matter. As i sugested above, as soon as Bates gets wind of the fans knowing something he moves quickly to thorw us off the cent.

Anyone else think he would have mentioed us asking Leeds City Council for money if the article had not been leaked? Nope!

TWAT

warringtonwhite

use the profit from the last two years and the delp money you misserable old cnut

JayHoultLUFC

Read this on coach to Walsall. Dirty Ken bastarrddd!!

Mark

Top-level talks are to continue over Leeds United's plea for council cash help to buy back its Thorp Arch training ground.

Councillors agreed senior council officials could negotiate with United bosses about a possible deal but stressed no decision had been taken about the club's request for support.

Following a meeting of the council's Executive Board, at which the issue was discussed behind closed doors, Coun Andrew Carter, the council's deputy leader, said: "We won't be rushed into anything of this magnitude."

Leeds United has a £5m option to buy back the training ground sold to
Manchester businessman Jacob Adler in 2004.

The option has to exercised by October 10 and a report to the Executive Board said the club would not be able to raise enough cash in time and had turned to the council for help.

There are two ways in which the council could help - loan United the money or buy Thorp Arch itself and lease it to the club, allowing United to buy back the complex when it had the finances.

The council would fund its help for the club by borrowing the money.
The report said it would be a purely commercial arrangement with the club making annual payments to cover the council's debt repayments.
Leeds United currently pays over £480,000 a year to rent Thorp Arch. Should the council decide not to help, the club could continue to use the training facilities until 2029, although the rent payments would rise.

Coun Carter told the Yorkshire Evening Post that all options remained on the table and the executive board would have to consider the issue very carefully.

He said: "A successful Leeds United is clearly good for the city but, that said, we aren't here to take ridiculous risks or ones we feel we cannot mitigate against.

"There are a number of areas where need a lot of clarification. We have authorised officers to discuss in detail our areas of concern."

He said the officers would report back senior councillors and council bosses before the Executive Board met again, on a date to be fixed, to make a decision on United's request.

Latest TA news....

Mark

Council bosses have ruled out making a loan deal to help Leeds United buy back their Thorp Arch training ground.
Leeds City Council's executive board met behind closed doors last week to discuss a plea from United for financial support for their plans to repurchase the site.

It had been thought no decision was reached on the club's request, other than for talks to continue between the two parties.

Now, though, it has emerged the executive board rejected one of the possible courses of action laid out by council officers – namely, loaning United the money they need to buy back Thorp Arch.

Resolved items listed in the meeting's newly-published minutes include "that the option of offering a loan to the club be discounted".

The ongoing talks between council and club, the minutes say, will now explore the other model for financial assistance suggested by officers.
That option would see the council borrowing money to buy the facility before renting it back to United.

The minutes indicate the authority would want "appropriate guarantees in respect of the income from the lease" before any such deal could go ahead.

They also show the council would like the facility to be made available at times for "community and educational use".

United sold Thorp Arch to Manchester businessman Jacob Adler in 2004 as the cash-strapped club – then under the chairmanship of insolvency expert Gerald Krasner – tried to stave off financial collapse.

Leeds were given a 25-year lease on the complex as well as an option to repurchase it for a fixed price of around £6m. That option, however, expires in October this year. A report to last week's executive board meeting said Leeds had been unable to raise money themselves for the buy-back due to a poor credit rating linked to their spell in administration in 2007.

It also expressed concern that if the option was allowed to lapse, then Thorp Arch might end up being lost to United and the city as a whole once the club's current lease runs out in 2029.

The site's state-of-the-art facilities are seen as a key factor in the city's bid to host matches during the 2018 World Cup, should England's bid for the tournament

Latest news re: TA

brisbanewhite

Would be suicidal to blow all of our working capital on TA, and the council wont want to let a jewel like TA fall off the radar forever. Its good buisness all round for the council to buy it and rent it to LUFC until we are at least a secure championship side. Our revenue will be double what it is now if we go up to CCC and makes the buy back more sensible as a future project.

LCC wont lose out on the buy back, its win win for us and we keep the money in the bank for better more practical opportunities if they crop up!.

Mark

Leeds United are days away from learning whether the city council is prepared to help them buy back their Thorp Arch training facility.

The council has already ruled out loaning Leeds the cash they need to repurchase the complex.

But next week it could decide to press ahead with an alternative plan to borrow money to buy Thorp Arch before renting it back to United.

The proposal will be discussed at a meeting of the council's executive board on Wednesday.

Exact details of how the deal would work are not being made public at this stage.

An internal report compiled for the meeting, however, says the local authority has "made it clear to the club that any proposals involving .... borrowing must not create any financial implications for the council taxpayers of Leeds".

Debt repayments from the borrowing, adds the report, would need to be "fully met" by United's rent.

Cash-strapped Leeds sold Thorp Arch to Manchester businessman Jacob Adler in 2004.

They were given a 25-year lease on the site as well as an option to repurchase it for a fixed price of around £6m.

But that option expires next month and, according to a previous council report, United have been unable to raise money themselves for the buy-back due to their poor credit rating following a spell in administration in 2007.

The state-of-the-art facilities on offer at Thorp Arch are seen as a crucial part of the city's bid to stage matches at the 2018 World Cup, should the tournament end up being played in England

Latest TA update

BobArsecake · Thorpe Arch

Right, you know there's the deadline to buy it back, what happens if we don't buy it? As in, what does the deadline actually mean?

Mark · Re: Thorpe Arch

Mark

BREAKING: Leeds United Thorp Arch verdict

Leeds United today received a major boost when senior councillors voted to help them repurchase their Thorp Arch training ground.

With time running out on a £6m buy-back option, the city council's Executive Board agreed officers could strike a deal under which the council would borrow money to buy Thorp Arch and rent it back to United.

It will be leased to the club for a fixed period at the end of which the club may buy the facilities from the council.

United sold Thorp Arch to Manchester businessman Jacob Adler in 2004 at the height of their financial problems. They were given a 25-year lease and an option to repurchase for about £6m.

With that option due to expire on October 10 and Leeds unable to raise the money, they turned to the council for help

Good news that,even though still surprised we just didnt use all delph fee and just buy it back....

Least now with councils help,we can now hopefully start to concentrate on next phase,the repurchase of elland road,would not at all be surprised if council are asked to help out re:this....

Stockport White

Good news, interesting to see how this develops, do you think Bates said help us or we'll pull out of the W.C bid?!

Mark

lee-ds

I knew nothing would be sorted today!

I just wish the tight fucker would just put his hand in to his pocket (where our money is), and buy TA back, outright!!

The fucking skank!!

brisbanewhite

Bates has pulled a masterstroke with this, but it was a huge gamble and if it went wrong we would have been f&cked!, he had the council banged to rights over the World Cup bid though, They would have wanted the city of Leeds on the global map, My guess is the same deal will be done for Elland Road over the next 1-2 years for the East Stand work to go ahead - Who would authorise a development like that with a mystery owner?,

I am looking forward to the clubs next set of accounts coming out now we havent had to fork out all that cash!

Mark

Leeds City Council and Leeds United have struck a deal over the future of the club's Thorp Arch training ground.

Council bosses last month voted to make an offer to United regarding the purchase of the complex.

Now the local authority has announced it has agreed terms with the football club.

Subject to due diligence checks, the council will buy Thorp Arch from its current owners, Manchester-based company Barnaway Ltd, then lease it back to the club.

United sold the complex to Manchester businessman Jacob Adler in 2004 as they tried to stave off financial collapse.

They were given a 25-year lease on the facility as well as an option to repurchase it for a fixed price of about £6m.

That option, however, expires on October 10 - and earlier this year concerns were voiced the site could be lost to the club and the city once United's lease runs out in 2029.

Leeds approached the council for help after failing in attempts to raise money themselves for the buy-back.

The council's joint leader, Coun Richard Brett, said: "We have settled the main terms of any agreement with Leeds United and look forward to completing our due diligence work so that matters can be concluded as soon as possible

From todays YEP

Good news that for the club...

Credit also to local council for aiding us...

Mark

http://news.bbc.co.uk/sport1/hi/f.../teams/l/leeds_united/8299058.stm

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