WHO WOULD BE............................

Is Miss Allen the LUFC version of Lewinski ?????

Says she was born in 1944 so unless SG has a fancy for OAPs then I doubt it

http://company-director-check.co.uk/director/914047194

No Bates No Leeds United
Everyone knows that
Lets hope he lives forever

Better the Devil you know, than the Devil you dont.

RSL.......

The grand Pri is.... er too risky... now concluded

Spook I agree there.... I mean, wopuld you want you want drunk John falling in your hedge, or some random guy?

I posted this a few weeks back when someone else posed the question - and this is presuming he actually owns the club

he dies without a will (very unlikely for a man like Ken) - all his shares pass to his Next of Kin ( i guess Suzannah) and she gets controlling stake in Leeds

he dies with a will in place - his shares go to the beneficary who would take controlling interest in the club (this could be anyone, his wife, another random business partner, an offshore trust, another director).

Both of these have many problems not least of which the person who gets the shares may have absolutely no interested in Leeds as a business and neglect it (as bad a Papa is, at least the club is running!!)

What is more likely is that he, and the rest of the directors, have Share Purchase Agreements in place. this is basically an insurance policy taken out on his life that is valued at the approx amount of his shareholding with the money being paid to the rest of the directors when he dies.

He then has a legal document in place that gives the rest of the directors the right to buy the shares at market value and for Ken's Next of Kin (Suzannah) the right to sell.

The outcome would be that the currnet board stay in control and elect a new chairman - Shaun Harvey most likely and the lovely Suzannah gets a shed load of cash from the sale of the shares.

Or to put it simply he screws us again!

Tony,

How would Harvey, Lorimer and Allen be able to pay whatever ken or sussanah think the club is worth?

sorry sol was not too clear

Ken would have a life insurance policy valued at the cost of his share in Leeds (paid for by the club) the benefits of that policy will be assigned to Harvey, Lorimer and Allen who can use it solely for the purpose of buying the shares of Bates next of kin (susannah) when he dies. Part of the agreement is that Susannah has to sell the shares to them.

e.g. Ken Bates has 1,000,000 shares in Leeds valued at £1 each and a life insurance policy worth £1,000,000

When he dies those shares are automatically transfered to his next of kin (susannah or whoever it says in his will)

As part of the Share Purchase agreement - Harvey, Lorimer and Allen get the proceeds of Ken's life insurance policy (circa £1,000,000). they use that £1,000,000 to buy the shares of susannah.

Outcome = Harvey, Lorimer and Allen get ownership of LUFC and vote in a new chairman (probably Harvey) and Susannah gets a cool £1,000,000 to buy a new Yacht in Monaco!

Cheers, Tony.

I see what you're saying now. Not convinced about the practicalities of life insurance at his age though. Or his willingness to financially benefit the clubs' directors, rather than his family.

its a good point - based on his age it would probably cost a footballers wage packet to cover him.

Actually since the club would pay it - this could explain a few things