BusinessBusiness RecoveryDetails of Leeds deal could be ‘months’ away

Details of Leeds deal could be 'months' away

Payments to creditors following the KPMG sale of Leeds United remain confidential, and more information could be months away suggest experts

Details of payments to Leeds United’s creditors might not be revealed for
months even though the club has now provided the information to the Football
League, suggest insolvency industry experts.

Without details of the deal rival bidders and creditors, including HM Revenue
& Customs, have less ammunition with which to call the agreement into
question.

Leeds has acted quickly to the Football League’s request to provide full
details of its deal to buy the club from KPMG.

The issue is particularly important as HMRC, one of the club’s main
creditors, has previously challenged proposals to receive eight pence in the
pound on funds owed by Leeds.

‘It depends on the deal, it could take six months but [creditors won’t
necessarily] know anything about the deal [until then],’ said Joe McLean, a
football insolvency expert at Grant Thornton.

Adding to the confusion some experts suggest creditors could potentially
receive a report on recent events from KPMG this week.

Sources close to rival bidders for Leeds also suggested they might have to
wait several months to find out details of the deal, questioning why new owner
Ken Bates had kept the deal confidential.

‘Bates wants it confidential because he must be concerned people wouldn’t be
pleased about what he paid,’ said one senior source.

Leeds United and KPMG were unavailable for comment as Accountancy
Age
went to press.

Further reading:

KPMG in firing line over Leeds sale

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor