He sold you on nearly four years ago, since when you have been 94% owned by FSF, which has "nothing" to do with Bates, of course. Why, he doesn't even know who is behind the fund. Bates made his move a week later, on 16 September 2005. Bates and Taylor had considered raising new money for Leeds by holding a rights issue ? issuing new shares to existing shareholders ? in the Bates company which owned 50% of Leeds and owed Levi and Weston the ?1.4m. However, they decided to abandon it ? for which Bates blamed Levi's refusal to transfer the shares. Instead, they decided to issue 2.5m new shares in Leeds United, the club itself, directly to FSF. FSF would also convert ?2m of their loans into shares in the club. That was agreed in a telephone call on one day, 22 September 2005. The effect of it was to make FSF 94% owners of Leeds United. Bates' other company, which owed Levi and Weston the ?1.4m, now had just 4.5% of the club. The Yorkshire Consortium's 50% share was reduced to 1.5%. By doing this, Bates' company skipped free of having to repay Levi and Weston their loans, because it no longer owned the club and had no other assets.