I think it's to do with the fact that there was never any money put in

so debts were cleared via companies which didn't really have any proper grounding, are still not really able to provide any financial backing, but are able to take money out of the club as stakeholders. The 'owners' of Chester basically took over the club, ran up more debts, borrowing on the basis of their 'investment' - without ever investing anything. Although we know that the Glasers are debt-financed, at least it's a public debt-financing! These are all just shadow companies of shadow companies.
So as far as I recall - in Leeds' case Ken Bates bought back the club for nothing, then sold it to these 'mystery owners' and no-one really knows whether any money changed hands, because it probably didn't. Guess the Portsmouth investments were similarly non-existent.
That's my simplistic understanding anyway/

Posted By: camcan on March 23rd 2010 at 15:34:35

Message Thread

Leeds haters...why? (NCFC) - Buckscanary, Mar 23, 15:04:58
- arrogant, think the footballing world owe them something, ken bates, dirty history (NCFC) - Tony Martin, Mar 23, 15:20:30
  - You forgot to mention... (NCFC) - Klobo04, Mar 23, 15:26:19
    - as far as we can work out (NCFC) - camcan, Mar 23, 15:27:58
      - I keep hearing about this but dont really understand it... (NCFC) - Klobo04, Mar 23, 15:30:27
        
        I think it's to do with the fact that there was never any money put in (NCFC) - camcan, Mar 23, 15:34:35
        
        More or less how I understand it (although didn't know that about Chester) (NCFC) - BerlinCanary, Mar 23, 15:40:42
        
        yes, which pretty much sums up the fit and proper test (NCFC) - camcan, Mar 23, 15:42:47
        
        Hard to believe Bates has never been disqualified (NCFC) - BerlinCanary, Mar 23, 15:49:09
        
        and his predecessor - Ridsdale. (NCFC) - camcan, Mar 23, 16:02:42
- cunts (n/m) (NCFC) - SCC 28, Mar 23, 15:17:07
- For their fans trashing Bournemouth town centre in the 1990s (n/m) (NCFC) - tim berry, Mar 23, 15:16:15
  - isn't bournemouth a city? (n/m) (NCFC) - Tombs, Mar 23, 15:17:37
    - No, it's a town. (n/m) (NCFC) - tim berry, Mar 23, 15:24:25
      - that's cleared that up (NCFC) - Tombs, Mar 23, 15:25:12
        
        Stop trying to stir up a gay-off (NCFC) - Huge Small, Mar 23, 15:31:53
        
        it's a means to an end (NCFC) - Tombs, Mar 23, 15:40:10
        
        It could happen any minute now (NCFC) - Huge Small, Mar 23, 15:46:26
        
        i missed that one (NCFC) - Tombs, Mar 23, 15:54:44
        
        We int. We're taking the piss. Innit. (n/m) (NCFC) - jafski, Mar 23, 15:35:41
        
        iyo (n/m) (NCFC) - SCC 28, Mar 23, 15:37:04
        
        FFS (NCFC) - jafski, Mar 23, 15:48:59
        
        Are there any experts on the civic status of southern English coastal conurbations about? (NCFC) - jafski, Mar 23, 15:28:21
        
        Confirmed? (NCFC) - BerlinCanary, Mar 23, 15:31:03
        
        This is a clear black or white, yes or no, fact or FACT answer. I'll not settle for less. (NCFC) - jafski, Mar 23, 15:34:07
        
        It's purely a subjective matter (NCFC) - BerlinCanary, Mar 23, 15:36:50
        
        might have to raise this puppy to the European Court of FACTS (NCFC) - Tombs, Mar 23, 15:36:39
        
        what's all this bollocks about opinions all of a sudden? (n/m) (NCFC) - Ralf Scrampton, Mar 23, 15:33:12
        
        You may think it's bollocks. That's your opinion. Not mine. (n/m) (NCFC) - jafski, Mar 23, 15:34:44
        
        dint ask you... (n/m) (NCFC) - Ralf Scrampton, Mar 23, 15:44:10
        
        in your opinion (n/m) (NCFC) - jafski, Mar 23, 15:54:22
        
        you never know on this site jafski (NCFC) - Tombs, Mar 23, 15:30:48
        
        True dat. I want facts not FACTS on this one. (n/m) (NCFC) - jafski, Mar 23, 15:33:25
- We Are Champions, Champions Of Europe (NCFC) - Brandonio, Mar 23, 15:08:53
  - Don't put bucks off (NCFC) - camcan, Mar 23, 15:10:09
    - he's even relocated ipswich up north now (NCFC) - Tombs, Mar 23, 15:10:57
- cocky, still think their something, chavy, northern cunts (n/m) (NCFC) - Klobo04, Mar 23, 15:07:12
  - Relegation from thre prem at their place, I've never witnessed such a bunch of knuckle (NCFC) - BSE Canary, Mar 23, 15:14:10
    - ^^and that was just the women! (n/m) (NCFC) - BSE Canary, Mar 23, 15:14:49
      - I thought all the women... never mind (n/m) (NCFC) - Buckscanary, Mar 23, 15:16:23
        
        How did they know? (n/m) (NCFC) - Buckscanary, Mar 23, 15:17:02
  - No different to Ipswich fans (n/m) (NCFC) - Buckscanary, Mar 23, 15:10:04
    - And what do we think of Ipswich fans? (NCFC) - Klobo04, Mar 23, 15:12:22
      - I tend to agree. At least Leeds get decent gates (n/m) (NCFC) - Buckscanary, Mar 23, 15:14:18
        
        ^^^seriously weighing up options^^^ (NCFC) - camcan, Mar 23, 15:17:12
        
        I'd put ipswich fans above Leeds on the evolutionary scale (n/m) (NCFC) - BSE Canary, Mar 23, 15:15:50
        
        Surely you'd need to be in the pond to witness it? (n/m) (NCFC) - Buckscanary, Mar 23, 15:18:28
        
        Have you been to many City away games? we're not to far out of the pond ourselves! (n/m) (NCFC) - BSE Canary, Mar 23, 15:20:08
        
        So Leeds manage to fill their ground with even more chavvy twats lol (n/m) (NCFC) - Klobo04, Mar 23, 15:15:35
        
        they don't fill their ground very often (NCFC) - camcan, Mar 23, 15:18:09
        
        not sure why attendances make them lady front bottoms though (n/m) (NCFC) - Tombs, Mar 23, 15:19:28
        
        no I've no idea about that either (NCFC) - camcan, Mar 23, 15:24:48
        
        really couldn't give a rats grinner who goes up as long as it is us. (n/m) (NCFC) - Tombs, Mar 23, 15:29:17
        
        good point (NCFC) - camcan, Mar 23, 15:36:10
        
        we'd get over it though (NCFC) - Tombs, Mar 23, 15:56:46

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