BusinessBusiness RecoveryCreditors grant Leeds fifth extension

Creditors grant Leeds fifth extension

Debt-ridden premiership side Leeds United has been granted yet another stay of execution by creditors, after getting two more weeks to find a buyer for the club.

Link: Leeds United gets another seven days

Accountant and Leeds’ chief executive Trevor Birch now has until the 27 February to conclude discussions with a Yorkshire-based consortium looking to takeover the club.

This is the fifth time the club has been given extra time to sort out its financial problems – the previous extension was meant to expire at 5pm today.

In a statement to the London Stock Exchange, the club said: ‘The board of Leeds United plc confirms that its major finance creditors have today granted an extension to the existing standstill arrangements until 2pm on Friday, 27 February 2004 pending the outcome of negotiations with interested parties, including a Yorkshire based consortium, and further discussions concerning the longer term restructuring of the Group.

‘On the basis of the current discussions, the board of the company re-iterates that it does not believe that there will be any realisation of value for shareholders from the offers being contemplated.’

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