BusinessBusiness RecoveryKen Bates: Leeds could be doomed without CVA

Ken Bates: Leeds could be doomed without CVA

Leeds chairman Ken Bates warns creditors that failing to agree to insolvency proceedings on Friday could mean the end of the club


Leeds United
chairman Ken Bates has warned that the
football club might not survive if creditors blow out administrators’ proposals
to put it into a company voluntary arrangement on Friday.

The club, which was put into administration by
KPMG
and passed control to Bates before the end of last season, could enter into a
CVA that would see creditors accept a lower return on the £35m they are owed.

‘If they want a football club in Leeds, they should make sure they vote the
right way,’ Bates told Yorkshire Radio.

‘If the CVA fails, I can assure the fans it’s unlikely there will be a Leeds
United Football Club.’

Bids are believed to be lined up to buy the club if the CVA gains creditors’
approval, including an offer from Leeds businessman Simon Morris.

Duncan Revie, son of former Leeds boss Don, could also bid for the club.

Further reading:

Football finances: the golden goal

Administration is tactical victory for
relegated clubs

When Saturday Comes

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