Link: Leeds get another week
The club originally had until midnight on Monday to sort out a deal, but an extension was agreed after a mystery consortium approached Leeds just before deadline with an offer to buy the club. The additional time will allow the Leeds board to assess the offer and hold talks with the consortium.
If no deal can be concluded, the club could still extend the standstill period, in which creditors have agreed to a deferral of repayments, to 6 February if certain financial and other covenants are met.
This would require the club to raise around £5m, either through the sale of a player or deferral of players wages, which should provide the club with enough money to survive until the end of the season. The club hopes to retain its Premiership status and provide a more attractive package to buyers.
With some estimates of the club?s debts surpassing £100m, Leeds would represent the biggest football administration so far, should it fail to satisfy creditors. The size of the debt could persuade creditors to look at a Big Four firm like Deloitte to handle the administration, although it could instead opt for a smaller specialist, such as Begbies Traynor.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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