The Center for Grassroots Oversight

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Profile: Forward Sports Fund

Forward Sports Fund was a participant or observer in the following events:

Leeds United chairman Ken Bates falsely claims to the Royal Court of Jersey that he jointly owns Forward Sports Fund, the company that owns Leeds. According to Bates, there are two “management shares” in Forward; he has one, whereas the other is held by his financial advisor Patrick Murrin, who is based in the offshore tax haven of Guernsey. Forward is registered in the Cayman Islands, another tax haven. However, it will later emerge that the two “management shares” do not entail ownership of Forward, and Bates does not hold either of them (Murrin has one, and Peter Boatman, a Geneva-based administrator, has the other). Forward is actually owned by the holders of 10,000 shares in it. Bates will correct this statement later in the year, calling it an “error.” It is unclear how Bates, an experienced businessman, came to believe he was the part-owner of a business worth several million pounds, when he apparently has no interest in it. (Conn 9/30/2009)

Leeds United bans all Guardian reporters from its stadium, Elland Road. The ban is in response to a series of articles written by Guardian columnist David Conn about the mystery of who actually owns Leeds. (Conn 10/19/2009) For example, three weeks previously Conn published an article highlighting the fact that the club’s chairman, the controversial Ken Bates, had falsely claimed to own the club (see January 2009). Leeds is owned by Forward Sports Fund, a company registered in the Cayman Islands and administered by the Geneva-based Chateau Fiduciaire. However, the public does not know who owns Forward Sports Fund. According to Conn, the question of Forward’s ownership is important because of the role it played in the club’s insolvency in 2007. (Conn 9/30/2009)


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