Elland Road, the home stadium of the football team Leeds United, was sold to the little-known company Teak Trading Corporation, registered in the British Virgin Islands. Now the story received its continuation: Leeds United asked Leeds City Council to help them buy back the stadium, as well as their Thorp Arch training ground. Club’s chairman Ken Bates made the reacquisition of both assets one of his main objectives.
There is some kind of secrecy about who owns Leeds United’s ground, since it was sold to Teak Commercial Limited. Elland Road Stadium was sold to BVI company for just less than £8m in March 2005, by Manchester businessman Jacob Adler, which, in his turn, had bought the ground from the club in November 2004. The change of owner did not become known until the end of last year. Football team’s side has received a 25-year lease and pays £1.5m a year to a BVI-based Teak Trading Corporation, for playing at Elland Road. However, Leeds has a right of buying the stadium back for £13m (€19m), and for £5m (€7.3m) on Thorp Arch which was sold to avoid administration.
The Club’s chief executive Shaun Harvey said in his comments: “ The club does not know who owns Teak Commercial Limited but our contact with them is still Jacob Adler so we have no reason to believe it is anyone but him.” He also stated that Mr Bates had no connection with Teak.
Documents passed in the UK Land Registry give BVI company’s address as a post office box number in Road Town, the capital of the British Virgin Islands. It should be noted that companies based in the territory of BVI are not required to file public accounts or disclose details of their directors. BVI Financial Services Commission failed to respond to an information request about Teak Trading Corporation.