Property magnate offers £10m to take over Leeds United
10/05/2007 |
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The former Leeds United director Simon Morris yesterday launched a £10m bid to buy the club and build a new 50,000-seater stadium as part of a £400m "world-class leisure venue".
The 29-year-old property entrepreneur was recently named among the 10 richest people under 30 in Britain with a fortune estimated at £69m. If his bid for the club is successful, he says he will provide a further £25m to bring financial stability to Elland Road.
Morris' lavish plans involve developing the land around Elland Road and building a new stadium as part of a multi-million pound entertainment complex. His company, SR Morris Group, says it plans to invest £400m in the scheme. "Our plans are fully costed and very well financed," he said.
Leeds went into administration with debts of £35m last Friday following a winding-up order issued by the Inland Revenue, who are owed £5m in unpaid taxes.
The club was, with the administrators' approval, then bought by a new company, Leeds United Football Club Limited, of which Ken Bates is a listed director.
But the sale is subject to approval by the club's creditors at a meeting later this month and also by the Football League, while SR Morris and other consortia are aiming to derail Bates' plans. Morris was the leading shareholder in the Yorkshire consortium that was in charge of Leeds for 10 months from March 2004.
(Source: Independent.co.uk)
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