Leeds United: woes

***Brian Turner*** · 29-02-2004, 11:08 AM

Leeds United's major creditors have refused to extend the standstill agreement over its £80m debt.

But the club claims the creditors are still backing its search for a buyer.

Administration remains a possibility, but the club is also still locked in negotiations with a Yorkshire-based consortium as it looks to stay afloat.

Friday's developments, which also saw the club's shares suspended on the Stock Exchange, mean the creditors have held off while those talks continue.

The consortium, led by insolvency expert Gerald Krasner, are the only bidders left after another consortium pulled out.

The 'standstill agreement' had been extended on five occasions since the turn of the year - which kept Leeds out of administration.

But the club's future could now be resolved early next week either way. Mr Krasner also issued a statement on Friday, saying the consortium he is involved with was "passionate about the club".

Krasner's group became the sole party interested in rescuing Leeds - who have debts totalling as much as £100m - when the other consortium pulled out on Thursday.

That consortium consisted of ex-Huddersfield chairman Terry Fisher, Bolton Wanderers director Ian Currie and former Leeds player Trevor Cherry.

The statement from Krasner's consortium claimed the bidders had "the credentials and the finances to save Leeds from administration" regardless of whether they stay up or are relegated.

The statement continued: "Any suggestion the consortium is looking at this acquisition as an asset stripping exercise is completely untrue, so much so we can make a commitment now that, if we are successful in buying the club Leeds' future is and always will be at Elland Road.

"Anyone suggesting otherwise is simply scaremongering.

"We have nothing to hide and, despite wishing to keep the members of the consortium anonymous for the moment, our intentions have been clear for everyone to see. "Our one and only motivation is to ensure the survival of Leeds United."

More: Leeds in Limbo

Gabriel · 29-02-2004, 10:36 PM

It is a boardroom conspiracy by the likes of Manchester United, Chelsea and Arsenal to get rid of the oppposition.

29-02-2004, 11:08 AM	#1 (permalink)
*Brian Turner* Business Guru Join Date: Dec 2003 Location: Near Inverness, Highlands, Scotland Posts: 7,716	Leeds United: woes Leeds United's major creditors have refused to extend the standstill agreement over its £80m debt. But the club claims the creditors are still backing its search for a buyer. Administration remains a possibility, but the club is also still locked in negotiations with a Yorkshire-based consortium as it looks to stay afloat. Friday's developments, which also saw the club's shares suspended on the Stock Exchange, mean the creditors have held off while those talks continue. The consortium, led by insolvency expert Gerald Krasner, are the only bidders left after another consortium pulled out. The 'standstill agreement' had been extended on five occasions since the turn of the year - which kept Leeds out of administration. But the club's future could now be resolved early next week either way. Mr Krasner also issued a statement on Friday, saying the consortium he is involved with was "passionate about the club". Krasner's group became the sole party interested in rescuing Leeds - who have debts totalling as much as £100m - when the other consortium pulled out on Thursday. That consortium consisted of ex-Huddersfield chairman Terry Fisher, Bolton Wanderers director Ian Currie and former Leeds player Trevor Cherry. The statement from Krasner's consortium claimed the bidders had "the credentials and the finances to save Leeds from administration" regardless of whether they stay up or are relegated. The statement continued: "Any suggestion the consortium is looking at this acquisition as an asset stripping exercise is completely untrue, so much so we can make a commitment now that, if we are successful in buying the club Leeds' future is and always will be at Elland Road. "Anyone suggesting otherwise is simply scaremongering. "We have nothing to hide and, despite wishing to keep the members of the consortium anonymous for the moment, our intentions have been clear for everyone to see. "Our one and only motivation is to ensure the survival of Leeds United." More: Leeds in Limbo __________________ SEO specialist

29-02-2004, 10:36 PM	#2 (permalink)
Gabriel Junior Member Join Date: Feb 2004 Posts: 22	Re: Leeds United: woes It is a boardroom conspiracy by the likes of Manchester United, Chelsea and Arsenal to get rid of the oppposition.

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