"Bates is not a trustworthy person at all!"
After meeting Ken Bates in London, Su Qing returned to Cheshire with Lucas and Richard Cramer, while Bates headed back to Monaco. Both sides needed some time to calm down and assess the situation.
This was a game of strategy.
As for Ken Bates' character, Su Qing gave him a straight negative score.
Of course, she said this while walking hand in hand with Gao Shen through the small town of Alderley Edge.
"That's normal. Over the years, they've used all kinds of underhanded tactics. I even asked Brian Kidd about it and learned that Bates' deal with Ridsdale was questionable. They said it was 10 million pounds, but was it really?"
Leeds United's finances back then were a mess.
Actually, most clubs were like that. Even if you checked Manchester United's books now, you'd find their accounts were a mess too, with all sorts of strange transactions.
That's why Su Qing had insisted on involving a Magic Circle law firm for due diligence.
Gao Shen hadn't known about these operations before, and he figured many foreign investors hadn't either when buying Premier League clubs. Otherwise, why would so many of them have been duped?
On the other hand, not all foreign investors were clean either.
Take Abramovich. When he bought Chelsea, he probably didn't conduct very detailed due diligence. Why?
The same with Mansour's consortium when they acquired Manchester City.
To put it bluntly, some didn't care. Some were laundering assets. Some even welcomed being "tricked."
But as someone who played things straight, Gao Shen felt that when dealing with someone like Ken Bates, you had to be cautious.
"It's a good thing you went this time," Gao Shen said with a smile, still holding Su Qing's hand.
Su Qing smiled sweetly. "I just offered some advice."
"I know everything. Lucas told me when he got back. He said you controlled the pace of the whole negotiation. You had Ken Bates speechless. They never expected that side of you." Gao Shen was still surprised.
He didn't expect that after a few years of experience, her abilities would become this sharp. Her whole presence had changed.
"It's mainly because we were well prepared. I think we can push Bates' price lower."
Gao Shen's initial psychological cap was 20 million pounds, planning to buy back the stadium, training ground, and land separately after that.
"You think even that's too high?"
"Absolutely. Cash Harris just contacted him, and he immediately agreed to a meeting. He flew in from Monaco and looked desperate. He's almost 80 and hasn't managed Leeds for years. He's eager to cash out."
Gao Shen nodded. He agreed with her assessment.
"In today's climate, there's very little capital willing to enter professional football, especially the Championship. And no one knows how long the economic crisis will last. Unless, as you said, Premier League TV rights get sold for a record price, lifting the value of all English clubs, he can forget about a big payout."
"So, I think we should hold firm at 15 million pounds. He's in a hurry. We're not."
Gao Shen might have been anxious, but you couldn't show that during negotiations.
Bates seemed anxious, probably because he hadn't had serious interest in the club for years.
In Gao Shen's previous life, after the Premier League signed a broadcast deal worth over 3 billion pounds, Leeds United came close to promotion several times. Their performance stabilized and they were eventually sold for 52 million pounds.
Sounds crazy at first, right?
But 24 million pounds of that was debt owed by Leeds United, taken on with the hope of securing promotion. When that failed, Bahrain Investment Bank sold their shares to Massimo Cellino, then chairman of Cagliari, and he had to pay off the debt.
Cellino, widely considered one of the most bizarre owners in football history, felt he'd stepped into a trap. He ran the club into chaos, even firing the chef and laundry staff at the training base, making players wash their own kits. He sold the club again a few years later.
No one knows exactly how much Bates pocketed, but it likely wasn't much.
It was all a messy tangle. And in the end, Leeds United had to pay for it.
That's the cost of capital manipulation.
…
"When I was in London, I spoke with Richard Cramer. I think if we do buy Leeds, even if we repurchase the stadium, training ground, and land, we should register another company and lease them back to the club," Su Qing said.
"Why?" Gao Shen was curious.
He really didn't know much about these financial arrangements.
"It's simple. We can charge Leeds United annual rent, fair and square."
Gao Shen understood what she meant.
It was a common setup.
He had heard about it before, but had been too busy and uninterested to dig deeper.
Someone once said Moratti loved Inter Milan because all the money he gave the club was capital injection—not debt.
But Abramovich's funds to Chelsea were considered debt.
The benefit of counting it as debt is that if Abramovich ever sold Chelsea or the club went bankrupt, he could recover the money. Capital injection had no such fallback.
Of course, as someone who had traveled through time, Gao Shen knew that Abramovich would never have abandoned Chelsea were it not for the unfortunate situation.
That alone said a lot. Whether it was listed as debt or not, it was just a method of operation.
The same as Su Qing's advice now.
"Tell me the truth. What do you think of this project?" Gao Shen asked.
Su Qing stopped walking, turned to him, smiled and said, "You're so confident. How could I not believe in you?"
"You've really decided?" Gao Shen asked again.
Su Qing was silent for two seconds, then softly hummed in agreement.
A few days ago, when she arrived in the UK, she had told Gao Shen privately that if he truly planned to buy a club, she would resign from her job in China and come help him manage it.
Gao Shen was shocked. He knew how much she loved her current job.
Though it was tiring and demanding, it was meaningful and fulfilling, and had helped shape her.
But she'd made up her mind.
"I think you should think it over," Gao Shen said softly.
Su Qing smiled, holding both his hands tightly against her chest. "What's left to think about? I'm tired of being apart from you. It's too painful."
She was right. He was silent. What could he say?
"My parents have tried talking me out of it, but you know me. I didn't listen. Still, sometimes I'd think—if I moved to the UK, we wouldn't have to be apart anymore. That would be nice."
"But your job…"
"Compared to you, it's nothing!"
Su Qing's words moved Gao Shen deeply. He reached out and pulled her into a tight hug. She wrapped her arms around his waist and leaned against him. The two walked forward in silence.
"At first, I wasn't that interested. But after getting involved, I found football club management kind of fun—and definitely challenging. I want to try it." Su Qing said eagerly.
Gao Shen responded with a quiet hum.
He knew that Su Qing had given up her job for him. She only said that to ease his mind, but in truth, she had solved a major problem for him.
Until now, Gao Shen had been worried about who could be trusted with a project this big.
After all, unless it was someone truly close to him, how could he feel at ease handing over such a major investment?
Now, Su Qing was the obvious and perfect choice.
…
In the 27th round of the Premier League, just before the Manchester derby, the British Daily Express broke a big story.
The Qatari royal family was planning to acquire Manchester United, and the Glazers had offered a price of £1.6 billion.
Manchester United did not deny the report, and it looked like the story was true.
But Gao Shen knew the Qatari royal family thought the price was too high and not worth it, so they turned to buy Paris Saint-Germain instead.
In the next few years, European football would see a dramatic rise in player valuations.
His window of opportunity was closing. He had to move fast.
Middle Eastern billionaires from Qatar and Abu Dhabi had been spending freely in Europe in recent years, buying clubs at a discount while laying the groundwork for the World Cup.
The Glazers' asking price of £1.6 billion might seem high now, but by the time Gao Shen traveled back in time, even though Manchester United's performance had dipped, the Glazers still wanted £4 billion.
That's how much Premier League clubs had grown.
To put it simply, if Gao Shen bought a team now, made it to the Premier League, ran it for a few years, and then sold, he could make a huge profit.
Of course, it was unrealistic to expect a Manchester United-level sale.
Just look at United's income. They had sponsorship deals bringing in £81 million annually. They had recently signed another seven-figure deal with logistics giant DHL.
That accounted for a significant portion of their annual revenue of €350 million.
It was worth noting that Real Madrid was currently the top-earning club in the world, with revenue reaching €440 million, while Barcelona had €400 million.
Manchester City ranked 11th on the list, but that was controversial, as everyone knew most of City's income came from Middle Eastern sponsorships. Without it, how could they support such a massive squad?
The Qatari royal family's potential acquisition of Manchester United was widely reported by the British press, but didn't cause much of a stir.
Perhaps because most reporters knew nothing had been finalized yet.
For this reason, Gao Shen and Su Qing didn't contact Ken Bates again. They decided to wait and see.
Middleman Cash Harris called Su Qing, asking if she was still interested, but she stuck to the £15 million offer.
What Ken Bates was thinking, Gao Shen didn't know.
In a few days, if there was no progress, Su Qing would return to China to handle her resignation. Once she came back to the UK, she would leak some information through City bankers, contact other clubs, and put pressure on Bates.
Then it would depend on whether Ken Bates was willing to lower the price.
Gao Shen had mentally prepared himself. If the negotiations failed, he'd just buy another club.
After all, it didn't have to be Leeds United.
(To be continued.)
***
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