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April 10 – Frank Lowy (pictured), the chairman of Football Federation Australia (FFA), is set to launch a bid to take-over former English champions Leeds United, it was reported today.
The Sun-Herald in Australia reported that Lowy, who is worth $6 billion (£3.6 billion), engaged a Leeds-based sporting agent to compile a due diligence report on the club, who have been crowned English champions three times, in January.
The report concluded that although Leeds are now playing in League One – the third tier of English football – they remain one of the country’s strongest brands as they continue to draw average crowds of more than 25,000.
The Leeds squad contains two Australians – Patrick Kisnorbo and Neil Kilkenny – and Harry Kewell, Mark Viduka, Paul Okon, Tony Dorigo and Jacob Burns all had stints at Elland Road.
”He has corporate credibility in England through his business [Westfield] while football-wise he’s seen as both passionate and intelligent,” a source told the Sun-Herald.
“The view is any English club would be lucky to have him buy into it.”
The newspaper claimed that Lowy, who is also heading Australia’s bid to host the 2018 or 2022 World Cup, has engaged a group of lawyers, accountants and business consultants to consider whether to launch a formal bid.
Leeds reached the semi-finals of the Champions League as recently as 2001 but then fell on hard times after it emerged that then-chairman Peter Ridsdale had taken out large loans against the prospect of the share of the TV rights and sponsorship revenues that come with UEFA Champions League qualification, which they failed to do in 2002.
They were relegated at the end of the 2003-2004 season and the club was sold to former Chelsea chairman Ken Bates for £10 million ($15 million).
After early initial success in the Championship they were relegated to League One in May 2007 after they entered administration and were docked 10 points.
The club are currently third in League One and one of the favourites for promotion back to the Championship.