As a plume of volcanic ash from Iceland grounded planes across Britain, another column of smoke was seen over Leeds as Ken Bates angrily denied reports of an Australian takeover bid for the club. The Sydney Morning Herald and other Australian media had carried reports that billionaire Frank Lowy was to launch a bid for the club. It was reported that he had instructed an agent in Leeds to carry out due diligence
As a plume of volcanic ash from Iceland grounded planes across Britain, another column of smoke was seen over Leeds as Ken Bates angrily denied reports of an Australian takeover bid for the club. The Sydney Morning Herald and other Australian media had carried reports that billionaire Frank Lowy was to launch a bid for the club. It was reported that he had instructed an agent in Leeds to carry out due diligence, but that could only occur with the agreement of the club.
Lowy, who is 80 years old, is estimated to be worth $A6bn and is chairman of the Football Federation of Australia. He wants to bring the World Cup to Australia in 2018 or 2022. Owning a major British club could enhance his credibility and give him useful contacts.
Although Leeds are hopeful of promotion to the Championship and draw big crowds, they made a profit of only £15,000 on turnover of £23m in the 2008-9 financial year.