Administrators put Leeds up for sale
The future of Leeds United hung in the balance on Friday night after the administrators put the debt-ridden club up for sale. KPMG said it had made the decision because of a legal challenge by HM Revenue and Customs over the £7.7million it is owed by the Yorkshire club and is challenging club chairman Ken Bates' re-sale. A spokesman for the administrators said: "We are putting the club up for sale and offers must be in by 5pm on Monday and we are interested in talking to other parties. This is because of the uncertainty that surrounds the club due to the legal challenge by HM Revenue and Customs." The High Court has postponed a decision on HM Revenue and Customs application to challenge the Company Voluntary Agreement, which has been set by most of the creditors, until September - leaving the future of the club in doubt. HM Revenue and Customs is unhappy at Bates' plan to pull the club out of administration by paying creditors just 8p in every £1. Bates has already warned that defending the court action could cost the club, which has debts of £35 million, its future. KPMG said it had set a deadline of 5pm next Monday for offers for the club. Those who have previously declared an interest in buying the club include Duncan Revie, son of former Leeds manager Don, and property entrepreneur Simon Morris. Earlier this week, businessman Simon Franks said he was ready to buy Leeds United, through his Redbus investment vehicle. It emerged on Friday that Leeds may not start the season in August but league bosses are set to discuss the situation next week, despite the court case. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org
