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Leeds creditors set to meet on fate of club
England - 21 May, 2007
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The future of English Leeds United should become clearer after a 1 June creditors meeting.
Ken Bates is trying to keep control of the club. After Leeds was placed into administration, Bates formed a new company in an effort to buy back the club. That move, made with GBP 35 million in debt, awaits the approval of creditors.
This comes as the club was sent to the third tier for the first time in history.
But others are waiting to make their moves. Duncan Revie, son of legendary manager Don, heads a Middle East-based consortium that has shown an interest, and property entrepreneur Simon Morris announced he plans to make a GBP 10 million bid.
"Creditors will be invited to vote and any modifications that emerge," said joint administrator Richard Fleming, a partner at KPMG Restructuring, to the Yorkshire Post.
"The proposed sale enables the club to survive and offers a minimal return to creditors.
"We know from discussions the deal is supported by some of the larger creditors, but it still requires a majority of 75 percent to be approved."
Ken Bates is trying to keep control of the club. After Leeds was placed into administration, Bates formed a new company in an effort to buy back the club. That move, made with GBP 35 million in debt, awaits the approval of creditors.
This comes as the club was sent to the third tier for the first time in history.
But others are waiting to make their moves. Duncan Revie, son of legendary manager Don, heads a Middle East-based consortium that has shown an interest, and property entrepreneur Simon Morris announced he plans to make a GBP 10 million bid.
"Creditors will be invited to vote and any modifications that emerge," said joint administrator Richard Fleming, a partner at KPMG Restructuring, to the Yorkshire Post.
"The proposed sale enables the club to survive and offers a minimal return to creditors.
"We know from discussions the deal is supported by some of the larger creditors, but it still requires a majority of 75 percent to be approved."
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