Friday, July 06, 2007

Bates to lose control of Leeds? Whites up for sale...

Well, well, well, a few weeks ago on this blog I posted that I simply could not believe that the creditors of Leeds United would accept what was at the time one penny in the pound and in my view a totally derisory offer. Unbelievably, to me at least anyway, that is exactly what happened. More recently Bates has offered to pay creditors eight pence in the pound. Let me remind you that Leeds United have a £35m debt and the Inland Revenue are owed some £7.7m for unpaid taxes.

The Revenue were not at all happy with the deal that would have seen Leeds taken out of administration and this week challenged that deal in court which ended in an adjournment, the net result is that a fresh court date has been set for September 3, and the talk is that Leeds United might not even be able to start the forthcoming season.

However, those in know are now suggesting that Leeds United could well have new owners and it is unlikely to be Ken Bates. I for one will not be upset if this comes to fruition.

The very latest news is that KPMG who have been in charge of administration have officially put Leeds United up for sale again...

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