BusinessBusiness RecoveryLeeds win another administration reprieve

Leeds win another administration reprieve

Leeds United has avoided going into administration - for seven more days at least.

The ailing Yorkshire club has extended its ‘standstill agreement’ with creditors for one more week.

Bottom of the Premiership, Leeds needed to raise £5m by January 30 to avoid going into administration.

However, the chief executive of the club, Trevor Birch, has now been given time to hold more talks into a possible £20m takeover bid.

Earlier this week Leeds’ players decided defer wage payments, a move worth millions.

The club have also sold England defender Danny Mills to Middlesbrough for £1.5m and excepted a final £1.5million for last year?s sale of Rio Ferdinand.

Ex-managers David O’Leary, Terry Venables and Peter Reid have all agreed to defer severance payments totalling £1million.

The Royal Mail’s Allan Leighton has been linked with a takeover bid.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m 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

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

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

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

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

10m Emma Smith, Managing Editor