Bates offers HMR improved deal

In an effort to head off a potential HM Revenue and Customs (HMR) challenge, Ken Bates was willing to strike a deal with creditors who felt shunned by the shenanigans at English Leeds United.

Bates and his Leeds United co-directors, Mark Taylor and Shaun Harvey, made a last-ditch offer to creditors that improved their original offer by eight times. Whether or not that still would lead to Bates taking over the club is unclear, as one HMRC source called the latest offer "appalling."

After throwing the club into administration, Bates made an attempt to buy back the club with a 1p per GBP offer. He also – interestingly enough – had the backing of the biggest creditor, one that he was rumoured to be tied in with.

That creditor had enough debt to be able to block any other group from taking control of the club.

Despite his eightfold offer, that now means Bates would be paying little more than GBP 600,000 in debt off a GBP 7.7 million debt. Creditors have till 4 p.m. to decide on expiry of the 28-day cooling-off period granted to consider the initial offer.

"This offer is unconditional, subject to there being no challenge to the administration and the Football League transferring Leeds United's share to the new company," said a club statement. "This payment compares favourably with dividends paid by other football clubs that have been through the administration process and with any offers that the administrators received prior to approval of the (takeover)."

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