The League require clubs in administration to implement a CVA before they regain their 'golden share' - the right to membership of the Football League - unless exceptional circumstances exist.
The collapse of Bates' CVA, and KPMG's insistence that any attempt to enforce a new arrangement would be highly unlikely to succeed, means the League must decide whether the situation at Leeds should be considered exceptional. A decision to approve the takeover without a CVA is likely to be unpopular with other Football League clubs and Leeds are risking the consequences of the League sticking rigidly to their rules and refusing to approve last week's sale to Bates. League rules do not prevent clubs in administration from starting a new term, provided they have sufficient funds to complete all 46 games. However, Leeds United 2007 Ltd - the firm through which Bates bought the club last week - are not in administration, and United may be required to kick-off the season under their previous guise, LUAFC Limited which has the League share Full text at: http://www.yorkshireeveningpost.co.uk/leeds-united-news?articleid=3043429 Leeds United clockwatch: 4.06pm By Phil Hay Keep up to date with every development of United's pre-season tour. 4.06pm... Thursday 4.06pm - Statement posted on the Leeds United club website saying the club have been notified that Saturday's pre-season friendly match against Dynamo Dresden has been cancelled on the instruction of the local police. To read the statement click here <http://www.yorkshireeveningpost.co.uk/leeds-united-news?articleid=3045599> . 3.42pm - concern grows about Monday's friendly among supporters. 3.05pm - www.yorkshireeveningpost.co.uk reports Saturday's match against Dynamo Dresden is off due to fears of German police. 2.33pm - www.yorkshireeveningpost.co.uk reveals Leeds United's players were not paid in June. 10.05am - Yorkshire Evening Post reports that KPMG have scrapped the Company Voluntary Agreement originally proposed by Ken Bates. Confusion over whether that nullifies HMRC's bid to take United to the High Court. _______________________________________________ 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
