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Leeds United resold to Ken Bates Leeds United resold to Ken Bates
(20 minutes later)
Leeds United has been resold to former owner Ken Bates for an undisclosed sum.Leeds United has been resold to former owner Ken Bates for an undisclosed sum.
The move comes five days after Leeds' administrators, KPMG, said they were selling the club because of a legal challenge from HM Revenue & Customs.The move comes five days after Leeds' administrators, KPMG, said they were selling the club because of a legal challenge from HM Revenue & Customs.
HM Revenue & Customs had mounted a legal bid to block Mr Bates' earlier attempt to buy back the club and give its creditors just 8p in every £1. HMRC had mounted a legal bid to block Mr Bates' earlier attempt to buy back the club and give its creditors just 8p in every £1.
It is currently unknown how much of Leeds United's £35m debt Mr Bates now intends to pay off.It is currently unknown how much of Leeds United's £35m debt Mr Bates now intends to pay off.
KPMG had earlier said that unless the club was able to leave administration, the Football League may not let it start the season. "We received several offers for the business which we considered carefully," said joint administrator Richard Fleming.
"The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival."
Relegated
KPMG had earlier said that unless the club was able to leave administration, the Football League may not let it start the new season.
Ken Bates first took control at Leeds in January 2005 when he bought a 50% stake in the club. He took on a club struggling with giant debts which had been built up in the late 1990s and early 2000s.
Despite continuing an extensive cost-cutting programme, Mr Bates was unable to turn around Leeds' finances, and in May of this year the club went into administration, as well as being relegated to League One.
Mr Bates initially got backing from Leeds' creditors to buy the club back from the administrators and give them just 1p in every £1 owned.
Mr Bates then increased his offer to creditors to 8p in every £1, but this was not enough to prevent HMRC, which is owed £7.7m in unpaid taxes, mounting a legal challenge.
It has not yet been disclosed how much Mr Bates will now offer HMRC and other creditors.