A six hour long creditors meeting held at the banqueting suite at
Leeds United has
give chairman Ken Bates the green light to take over the club.
The Bates takeover required 75% creditor approval and after prolonged delays,
he received 75.02%. A recount has been announced and the meeting will reconvene
Even if administrator KPMG declares Bates the winner, The Times
reported that the vote would be contested, with some of the rival bidders
threatening to take the dispute to court.
Leeds went into administration a month ago, with KPMG appointed as
The club is in dire straits with net debts of £35m
HM Revenue & Customs alone owed a £5m.
Astor Investment Holdings, based in the British Virgin Islands, is the
biggest creditor, owed nearly £13m, while Swiss-based Forward Sport Fund is owed
£2.4m. The third big creditor, Krato Trust, domiciled in Nevis in the Caribbean
is owed £2.5m.
All three have signalled they would back Bates.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children