LFU announcement

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LFU announcement

Postby NottinghamWhite » 21 Dec 2018, 15:50

We write to you with some exciting news. After 18 months of constructive dialogue we have agreed Heads of Terms on introducing supporter investment into Leeds United.

Later today the Club will announce that the aim of our investment will be to help fund plans to build a new training facility and sports village at Elland Road. The investment will secure a new class of shares ensuring that supporters who commit will have a voice in key heritage decisions.

This represents the culmination of a long journey for LFU and for you, our shareholders. Four years ago this week a group of Leeds United supporters got together to talk about how we could get a share of the Club for fans and Leeds Fans Utd was born. In April 2015 our Community Benefit Society was formed and since then over 2000 Leeds fans have committed over £500,000 of their hard-earned money to achieve that end.

At the LFU Annual General Meeting in March 2018 the Directors announced that we would allow existing shareholders to withdraw 90% of their original investment if they wished to do so and no deal had been agreed by the end of 2018. As we have now agreed Heads of Terms with the Club, the option to withdraw remaining investments will not be offered immediately; however, when the full conditions upon which the new class of shares can be acquired are announced, any existing shareholder will be able to ask for 90% of their original investment back if, for whatever reason, they no longer wish to remain a member of LFU and invest in the Club.

Once again, we want to express our heartfelt thanks for your support since we launched Leeds Fans Utd, and also thank Andrea Radrizzani, Angus Kinnear and Paraag Marethe for their vision and commitment. They understand that the bond between the Club and its fans is Leeds United’s very lifeblood and they have had the courage to put that vision into practice to create an unprecedented degree of fan control and involvement.

Further details of how supporters can get involved will be released in the New Year.


The LFU Exec
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Re: LFU announcement

Postby NottinghamWhite » 21 Dec 2018, 16:09

Mixed feelings about this at first I was pleased now after thinking about it I'm not sure. I thought the money raised was to buy Cellino out but now it seems the monies going towards a new training ground.

Confused of Nottingham :roll:
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Re: LFU announcement

Postby ChilwellWhite » 21 Dec 2018, 18:25

I never bought into it, sorry can't really help.
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Re: LFU announcement

Postby Nic » 21 Dec 2018, 21:50

The initial idea was to buy share of the club, Cellino was in favour until he realised it might happen. I guess afterwards there was a desire to still invest the money and have some form of say in the club, but I assume the meeting to allow investors to withdraw 90% was a contingency as it looked like no real opportunity and maybe concerns on all this money just being sat upon.

I suppose it depends on if people want an investment in the club or mainly participated to get say in the club or get cellino out etc and feel if the initial aim isn't possible to get moneys back.
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Re: LFU announcement

Postby Oldfox » 22 Dec 2018, 12:30

The money was donated for a specific purpose with the promise it would be returned by the end of 2018, or 90 % of it if it was not needed for the reason it was invested. Without consultation with the doners a week before the deadline to return it, it was decided to use the money for a different purpose. The investors have been told they can still have their 90% back if they wish, but not now but at an unspecified future date.

To me that is wrong. I would ask why can’t those who invested who want their money back have their money returned at the original promised date why can’t any new venture be financed by people who want to invest in that venture by a fresh appeal?

I did not invest as I was uncomfortable about the long term sustainability of people using other people’s money to invest in a cause that would appear to require on going investment. I am glad I did not invest.
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Re: LFU announcement

Postby NottinghamWhite » 22 Dec 2018, 12:44

My thoughts are that the reason LFU was to eventually buy out Cellino, which originally he agreed to but then like on many other occasions changed his mind. I put £100 into the scheme not a scheme to help fund a new training facility. Anyone know what key heritage decisions are ?
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Re: LFU announcement

Postby Another Northern Soul » 22 Dec 2018, 14:02

Oldfox wrote:The money was donated for a specific purpose with the promise it would be returned by the end of 2018, or 90 % of it if it was not needed for the reason it was invested. Without consultation with the doners a week before the deadline to return it, it was decided to use the money for a different purpose. The investors have been told they can still have their 90% back if they wish, but not now but at an unspecified future date.

To me that is wrong. I would ask why can’t those who invested who want their money back have their money returned at the original promised date why can’t any new venture be financed by people who want to invest in that venture by a fresh appeal?

I did not invest as I was uncomfortable about the long term sustainability of people using other people’s money to invest in a cause that would appear to require on going investment. I am glad I did not invest.


Investors haven't even been told that, Oldfox, they've been told they can ASK for their 90% refund! That's mere semantics though I think :)

NW - I have my own thoughts/theories on what the heritage mentions relate to as well as what the new scheme will be but I'm not wishing to add to the confusion! None of this latest development feels really transparent to me and I don't understand why they couldn't be more honest & open about it all.
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Re: LFU announcement

Postby Nic » 23 Dec 2018, 10:27

Another Northern Soul wrote:
Oldfox wrote:The money was donated for a specific purpose with the promise it would be returned by the end of 2018, or 90 % of it if it was not needed for the reason it was invested. Without consultation with the doners a week before the deadline to return it, it was decided to use the money for a different purpose. The investors have been told they can still have their 90% back if they wish, but not now but at an unspecified future date.

To me that is wrong. I would ask why can’t those who invested who want their money back have their money returned at the original promised date why can’t any new venture be financed by people who want to invest in that venture by a fresh appeal?

I did not invest as I was uncomfortable about the long term sustainability of people using other people’s money to invest in a cause that would appear to require on going investment. I am glad I did not invest.


Investors haven't even been told that, Oldfox, they've been told they can ASK for their 90% refund! That's mere semantics though I think :)

NW - I have my own thoughts/theories on what the heritage mentions relate to as well as what the new scheme will be but I'm not wishing to add to the confusion! None of this latest development feels really transparent to me and I don't understand why they couldn't be more honest & open about it all.


Unfortunately it comes across like the dark old days of behind closed doors boardroom shenanigans with deals been made to line people's pockets. When Bates was looking to sell there was a lot of people looking to take a slice of the pie, like "local" groupings, some of which may had a murky past. I am not saying that has got anything to do with this, but in a vacuum other theories rise, and they would so well to be honest and open with investors. They may well get new investors willing to have some involvement, especially as the club is on the up, but without clear outlines of whether/how their investment could be withdrawn, whether their will be an ongoing cost (which you would have expected had they bought a share in the club) this might be of limited appeal.
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Re: LFU announcement

Postby NottinghamWhite » 15 Aug 2019, 08:25

On the 11th hour I managed to get my claim in last night to get 90% of my money back. Thankfully I had some help to download the form & then get into an attachment in an email. I invested on 5th November 2015 & never received a certificate despite asking for one any after half an hour on the phone to a nice man in Mumbai I was able to get the relevant details. Anyone else getting their money back ?
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Re: LFU announcement

Postby Davycc » 15 Aug 2019, 21:23

NottinghamWhite wrote:On the 11th hour I managed to get my claim in last night to get 90% of my money back. Thankfully I had some help to download the form & then get into an attachment in an email. I invested on 5th November 2015 & never received a certificate despite asking for one any after half an hour on the phone to a nice man in Mumbai I was able to get the relevant details. Anyone else getting their money back ?


Pleased for you mate. I hope others get sorted too
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