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.

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