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| Version 3 | Version 4 |
|---|---|
| Leeds United resold to Ken Bates | Leeds United resold to Ken Bates |
| (29 minutes later) | |
| Leeds United is back under the control of chairman Ken Bates, after administrators KPMG sold the football club for an undisclosed sum. | Leeds United is back under the control of chairman Ken Bates, after administrators KPMG sold the football club for an undisclosed sum. |
| The move comes five days after KPMG put Leeds up for sale because of a legal challenge from HM Revenue & Customs. | The move comes five days after KPMG put Leeds up for sale because of a legal challenge from HM Revenue & Customs. |
| HMRC had mounted a legal bid to block Mr Bates' earlier attempt to buy back Leeds United and give its creditors just 8p in every £1. | HMRC had mounted a legal bid to block Mr Bates' earlier attempt to buy back Leeds United and give its creditors just 8p in every £1. |
| It is unknown how much of the club's £35m debt Mr Bates intends to pay off. | It is unknown how much of the club's £35m debt Mr Bates 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." |
| 'Tribute to fans' | |
| Following the announcement, Mr Bates insisted the club was "in a good position". | |
| "I'd like to pay tribute to the Leeds fans because after everything that has gone on - and people making innuendoes about season ticket money and that sort of thing - they just kept on paying the money for the tickets," he told Sky Sports News. | |
| Rival bidder, businessman Simon Franks - who had joined with property developer Simon Morris - said he was "gobsmacked" to miss out. | |
| Obviously I'm very disappointed," added Mr Franks. | |
| "It's been a torturous process and we put together what we thought was a very brave bid." | |
| 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 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. |