Financial Transparency Of Leeds United Fc
EDM number 1670 in 2006-07, proposed by Phil Willis on 12/06/2007.
That this House is concerned at the lack of transparency in the financial affairs of Premier and Football League clubs; is appalled that the owners of Leeds United, Forward Sports Fund, not only avoided the effects of points deduction by going into administration after relegation from the Championship was confirmed, but re-emerged from administration within 24 hours having abandoned £35 million worth of debts; calls on the Administrator, KPMG, to explain why it failed to ascertain the beneficiaries of Astor Investments Holding, registered in the British Virgin Islands, and Krato Trust, registered in Nevis (West Indies), who agreed to write off £13 million and £2.4 million debts, and to seek explanations; asks the Administrator to ascertain whether the current owner of the Leeds United ground, Teak Trading Corporation, has any shareholder or director links with Astor, Krato or Mr Ken Bates; urges HM Revenue and Customs to take action to challenge the Administrator's decision not to recover the £7 million owed to taxpayers; requests that the Financial Services Authority investigate the similarities between the ownership of Chelsea Village plc prior to July 2003 and the ownership of Leeds United; urges the Serious and Organised Crime Agency and the Serious Fraud Office to investigate whether criminal activity, including money laundering, has taken place; and urges the Government to make it a criminal offence for any individual, either in the UK or abroad, to own shares or be a beneficiary of a football club without making a declaration to shareholders at the annual meeting.
This motion has been signed by a total of 38 MPs.
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