Bates plans to buy back Elland Road

Ken Bates has vowed to buy back Elland Road and the club’s Thorp Arch training ground complex “in due course” as part of his long-term commitment to Leeds following his takeover today.

The outgoing board, the majority of whom will step down, were forced to sell both assets last year to Manchester-based property developer Jacob Adler to ease the club’s debts.

But Bates confirmed: “Our first task will be to put short, medium and long term plans in place to secure the financial future of the club and these will include buying back, in due course, Elland Road and Thorp Arch.”

Bates, under the guise of a Geneva-based company known as The Forward Sports Fund, has bought a 50% stake in Leeds for a figure believed to be £10m (€14.4m).

Peter Lorimer will continue in his role as director and point of contact for the fans, while Peter McCormick will serve as a consultant to the incoming board.

The other outgoing directors have agreed to leave their loans of £4.5m (€6.5m) in the company for the next four years.

“I am delighted to be stepping up to the mantel at such a fantastic club,” stated Bates.

“I recognise Leeds United is a great club that has fallen on hard times. We have a lot of hard work ahead of us to get the club back to where it belongs in the Premiership and with the help of the fans, who have stuck by the club through thick and thin, we are going to do everything in our power to ensure that happens.”

In addition to Bates’ plans for Elland Road and Thorp Arch, he added: “We will also be looking at ways in which the fans can control the football pitch itself. Fans could then ensure that no would-be property developer will be able to end the playing of football at Elland Road.”

Leeds have spent the last few days in negotiations with the former Chelsea chairman and such has been the rapid progress made, a deal was concluded at 2.27am today.

Bates was recently linked with Sebastien Sainsbury’s failed £25m (€35.9m) takeover bid, only to deny any involvement with the great grandson of the supermarket founder.

But he then made his own approach, and with other investors by his side, the 73-year-old has helped spare the club the prospect of administration and with it a Football League 10-point penalty and subsequent battle to beat relegation from the Championship.

Bates will succeed Gerald Krasner as chairman, who took over last March with Leeds £103m (€147.9m) in debt and who will assist in the handover of the club over the next few weeks.

Leeds’ debts have since been cut to £25m (€35.9m), with £8m (€11.5m) owed to former managers and players, a further £3.5m (€5m) each to the Inland Revenue and Customs & Excise, along with the directors’ loans, with the remainder made up of smaller creditors.

But Bates paid tribute to Krasner and the current board as he said: “They have done a magnificent job at a time when nobody else would touch Leeds United.

“It gives me great confidence to know the outgoing board will remain in close contact and provide all the help needed to ensure a smooth transition in the months ahead.”