Leeds await fate at high noon
Louise Taylor Tuesday July 10, 2007 The Guardian The future ownership of Leeds United should be determined this morning. Last night KPMG, the administrators who bought Leeds back from Ken Bates's consortium on Friday, were considering bids for the League One club and will announce the winner by noon today. By 5pm yesterday definite bids had been received from Bates's consortium and Simon Franks's Redbus Group investment company. There were strong rumours that further offers had been made by two separate consortiums. One is said to be fronted by Adam Pearson, the former Hull chairman and former Elland Road director, and the other by the former Leeds board member Simon Morris. However, there were also unconfirmed suggestions that Morris's offer had been combined with Redbus's. If no bid is deemed suitable KPMG could be forced to close down Leeds, whose debts currently exceed £35m. It is believed that any bid winner must provide around £5m for the club's creditors before committing a further £15m to future running costs. Bates, 75, will certainly not abandon Leeds lightly. Stressing his determination to regain control, he yesterday insisted: "We haven't come all this way over the last two-and-a-half years, borrowed and spent all that money, got the club turned round, got rid of all the bad organisation the previous regimes left behind to go without a fight. We honestly believe we have the future of the club at heart and it can go forward under our stewardship." Nevertheless HM Revenue & Customs, owed £7.7m by Leeds and who refused to accept Bates's offer of 8p in the pound to creditors - raised from 1p at the 11th hour - see things rather differently. _______________________________________________ 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
