Leeds United sold to Bates
12/07/2007 |
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Ken Bates won his battle to regain control of Leeds United on Wednesday when his group of investors bought the debt-ridden third division club from administrators.
The club was put up for sale last week after Revenue and Customs service had challenged a proposal by chairman Bates to take it out of administration with an offer to creditors of eight pence in the pound.
Administrators KPMG said the club, who are fallen giants of English football, had been sold to "Leeds United Football Club Limited, headed by Ken Bates, for an undisclosed sum."
Joint Administrator Richard Fleming added: "We received several offers for the business which we considered carefully.
"The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival.
"We understand this has been a difficult time for all those concerned about the future of Leeds United.
"This deal is a necessary step if the club is to have a chance of playing in League One in the 2007/08 season."
The new owners need to apply to the Football League to obtain the Football Share, which entitles them to play in the third tier of the English game next season.
Leeds, who have debts of 35 million pounds, are due to start the new season at Tranmere Rovers on August 11
Seven years ago Leeds reached the Champions League semi-finals and were relegated from the Premier League in 2004.
They have been English champions three times in 1969, 1974 and 1992, won the FA Cup in 1972 and three years later were beaten by Bayern Munich in the European Cup final.
(Source: Reuters.com)
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