BusinessBusiness RecoveryLeeds manager to be liquidated

Leeds manager to be liquidated

Leeds United's management company, World Sports Solutions, is in the throes of appointing liquidators after announcing it was unable to continue trading because of its liabilities.

Link: Swansea appoints Robson Rhodes administrators

In an announcement made last night on the Stock Exchange’s regulatory news service, WSS said it was ‘advised that it cannot, by reason of its liabilities, continue its business.’

WSS will hold an extraordinary general meeting with its creditors and shareholders on in two weeks to voluntarily wind up the company.

A spokesman told Accountancy Age the board was ‘looking at several options’ and would put its decision to a vote at the upcoming EGM

On Wednesday, the company’s shares were suspended pending ‘financial clarification.’ But signs of turmoil were visible early in February, when chief executive Michael Farnan resigned as chief executive officer and left suddenly 15 days after the first board change announcement. Originally, he had intended leaving in August.

Farnan was replaced by Matthew Patten with immediate effect.

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