The £30m deal sees holding company Leeds Utd plc placed into administration, prior to its winding up.
Garry Wilson and Alan Bloom, partners at Ernst & Young, and Brendan Guilfoyle of The P&A Partnership have been appointed as joint administrators of the plc and Leeds United Holdings Limited, a subsidiary company.
The administrators acknowledged that no parties were interested in a deal which would save the entire group and so immediately on appointment sold Leeds United AFC Limited, the company which runs the football club, and other group assets -Elland Road stadium and a training facility – to Adulant Force Limited, the consortium led by businessman Gerald Krasner and including former player Peter Lorimer.
Garry Wilson, partner at Ernst & Young, said: ‘This is great news for Leeds United, its employees, supporters and creditors. The players and fans can now concentrate their efforts on the remainder of the Premiership season. The sale of Leeds United releases the Club from its huge debt burden; had no sale been achieved there is little doubt that the Club could also have been forced into administration in the near future.’
The administrators confirmed that there would be no return to shareholders in Leeds United plc on this deal
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