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| Version 1 | Version 2 |
|---|---|
| Leeds United resold to Ken Bates | Leeds United resold to Ken Bates |
| (10 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. |
| 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. | 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. |
| "We received several offers for the business which we considered carefully," said joint administrator Richard Fleming. | "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." | "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 | 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. | 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 during heavy spending on players in 2000-2002. | |
| 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. | 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 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. | 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. | It has not yet been disclosed how much Mr Bates will now offer HMRC and other creditors. |