KPMG takes flak for its handling of Leeds affair

The pending resale of English Leeds United to Ken Bates has been put on hold by the Football League, and the competency of administrators KPMG has been called into account.

The league has held up the sale because it has not received the correct paperwork from KPMG. And, despite vows from KPMG that it is doing its best, the league remained skeptical. The league board is looking into legal options with KPMG, and its handling of the situation.

Bates placed the club into administration, and attempted to buy it back with a lowball offer of 1p per GBP owed creditors. Leeds United's biggest creditor, an offshore company, threatened to block the sale of the club to anyone other than Bates.

Bates did get the club, but then found himself in trouble with Revenue and Customs, and even bumped his offer to 8p per GBP. KPMG then took open bids on the club but, earlier this week, declared Bates' bid – not yet publicly revealed – to be the best.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.