Football saviour strikes into action
Feb 29 2008 by Peter McCusker, The Journal
THE Newcastle administrator who helped find a new buyer for Leeds United – falling out with Ken Bates in the process – says he is optimistic of now successfully saving another football club.
Former Leeds chairman Gerald Krasner, a licensed insolvency practitioner, is to enter into further talks with prospective buyers for AFC Bournemouth club next week.
Bournemouth went into administration on February 8 with debts of £4.5m, and Mr Krasner, who lives in Jesmond, was called in to attempt to turn the club around.
He told The Journal: “It’s still early days at Bournemouth but we are optimistic of selling it as a going concern by the end of March. I am in the middle of talking to some people who are interested in the club, but cannot say anything more about the situation at the present time.”
Mr Krasner hit the headlines nationally in 2003 when he took over the running of Leeds United, handling its spell in administration.
Despite selling Leeds to Ken Bates, Mr Krasner branded the former Chelsea supremo’s initial 1p in the £1 offer to creditors during the controversial administration proceedings at the club as “derisory”.
Mr Krasner, who now works for Begbies Traynor, told The Journal: “It is common knowledge that Mr Bates and myself are not the best of friends.”
Mr Krasner, who has lived in Newcastle for 12 years, also has a home in Leeds.
He was a director of York-based Bartfields when it was acquired by business recovery specialist Begbies Traynor in November last year.
Her Majesty’s Revenue and Customs has lodged a winding-up petition against Bournemouth for unpaid tax, due to be heard in the coming months.
The chairman at the time of the administration, Jeff Mostyn, has said he is interested in buying the club.
Mr Krasner ran Leeds United before the Football League eventually sanctioned its sale last year.
This allowed them to start the 2007/08 League One campaign with a 15-point deduction as it had not followed league rules on entering administration.
Leeds United are challenging that point deduction and lodged an appeal at the High Court earlier this month.
