Leeds Utd owes tax authorities £10m
It has emerged that Leeds United owes the Inland Revenue and Customs & Excise £10m, as speculation emerged that they are among creditors refusing to renew the troubled club's standstill agreement.
Trevor Birch, the club’s chief executive, confirmed that Customs and the Revenue were two of Leeds’ major creditors. In total £81m is owed to various parties, who in December agreed to a standstill agreement to give Leeds breathing space to address its money problems.
However, patience ran out at the end of last month when creditors refused to extend the agreement. The Independent reported sources close to the club as saying they believed the Inland Revenue and Customs were among the ‘less supportive’ parties.
Leeds claimed that it retained the support of its ‘major finance creditors’ when its shares were suspended following its failure to renew the stand off agreement.