http://en.wikipedia.org/wiki/Gerald_Krasner
Leeds United Takeover
In 2004, Krasner led the consortium of local businessmen which successfully took over the club. Krasner's reign witnessed the relegation of Leeds United from the English Premier League when a 3-3 draw against Charlton Athletic wasn't enough to beat the drop to Division One
(6) (since re-branded the Coca Cola Championship ). Popular choice and Leeds legend
Eddie Gray failed to rejuvenate the club after he was called in to a caretaker manager role, replacing the sacked
Peter Reid midway through a torrid 2003/2004 season. Gray was largely blameless for the performance of the team, with the entire foundation being sold out from underneath him. The players faced the prospect that their wages might not be paid from one month to the next, as Leeds United seemed on the verge of terminal liquidation.
In the event under Krasner's stewardship Leeds United managed to tread softly until they could be thrashed out for their now clearly unrepayable debts. Large amounts of which had to be effectively written off by the clubs debts as they had been taken out in the name of the now insolvent LUFC PLC. Krasner and his consortium eventually sold the club to former Chelsea supremo
Ken Bates, a flamboyant character who had himself recently sold
Chelsea FC to
billionaire Russian oligarch Roman Abramovich. Chelsea had reportedly been carrying similar levels of debt to Leeds before Abramovich transformed the west
London team into a strong force in
English football. Bates had been in the market to invest after being ousted from his position at Chelsea by Abramovich.
By this time, and perhaps to his credit, Krasner's essential mission; managing the clubs massive debts to acceptable levels, was now accomplished. Like his predecessor Professor McKenzie, his appointment and the consortium he led, were little more than a stop-gap solution. Krasner's personality or background were never that of the traditional "footballing chairman". His consortium lacked the financial muscle for the re-investment needed in the team to prevent it from slipping further down the footballing divisions. Due to these realities, he and his board were more open to the advances of Bates than the
South Yorkshire outfit. Kenneth Bates was unveiled as Leeds United's new owner and chairman in 2005 and continues in that role to the present date.
It is doubtful that supporters of Leeds United will ever look back on the "Krasner era" with much fondness. These were arguably the darkest days in the entire history of the football club. But from a financial perspective it could be said that Gerald Krasner and his consortium were successful in their aim when they launched their takeover, which was to save the club from the very real possibility of extinction. Krasner has since retired from the public spotlight to focus on his previous role at Bartfields.
