BusinessBusiness RecoveryDeloitte receives bids for Leicester City

Deloitte receives bids for Leicester City

Gary Lineker's consortium is believed to be one of two bidders that are currently being considered by Leicester City administrators for the sale of the cash-strapped football club.

Link: Lineker to bid for Leicester City

Administrators at Deloitte & Touche confirmed today they have received two indicative bids for Leicester City ,which went into administration in October with debts of about £30m.

Formal bids with detailed business plans are due by the close of business on Friday, they said.

Deloitte was unable to say how much administrators are asking for the club. But the bid by Gary Linker’s group is believed to be between £4m and £5m, although its actual size is not known.

Partner Nick Dargan, one of the administrators, said: ‘Once the detailed bids have been received, we will be reviewing the respective business plans to ensure that any acceptable offer is both in the best interests of creditors and ensures a viable long term future for the football club.

‘Both parties interest is the subject of further due diligence and discussion with creditors and I would predict that any deal would be completed early in January.’

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

6m Alia Shoaib, Reporter
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

9m Stephanie Wix, Writer
Oil and gas sector insolvencies hit “new high”

Accounting Firms Oil and gas sector insolvencies hit “new high”

9m Stephanie Wix, Writer
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor
Business confidence drops to second lowest level since 2011

Business Recovery Business confidence drops to second lowest level since 2011

9m Stephanie Wix, Writer