Administrators put Leeds up for sale

07-07-2007

Administrators put Leeds up for sale
Leeds United have been put up for sale by the club's administrators KPMG because of the £7.7 million owed to HM Revenue & Customs (HMRC).

The League One side have debts of £35 million, though last month creditors agreed to an offer from former chairman Ken Bates to buy back the club if they accepted 1p-in-the-pound for what was owed.

But HMRC are not happy with the offer made by Bates and would contest any takeover of the club by the former Chelsea chairman under those terms.

A high court hearing has been arranged to hear the case but this will not take place until September 3rd, three weeks into the new football season.

In a statement the club said: "It is obviously disappointing that this will take place after the start of the football season.

"The club will now discuss all available options with the relevant parties, including administrators KPMG."

It was feared that if the club was still in administration at the start of the season the Football League may not let United compete.

KPMG said in light of the circumstances it would put the club up for sale and set a deadline on 17:00 BST on Monday for any offers to be made.

"We are putting the club up for sale and offers must be in by 5pm on Monday and we are interested in talking to other parties," said a spokesman for the administrators.

Bates warned that the cost of fighting HMRC in court could jeopardise the future of the club.


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