Guardian Unlimited Football | Breaking News | United squeeze Leeds on final instalment for Ferdinand
LONDON, Jan 28 (Reuters) - Manchester United paid debt-laden Leeds United the final instalment of their record 30 million pound ($54.90 million) purchase of Rio Ferdinand on Wednesday, but it was less than half what was due under the contract.
Leeds, with 80 million pounds of debt, have been given until Friday to solve their financial crisis and are desperate for cash.
Chief executive Trevor Birch needs five million pounds to see the club through to the end of the season. A consortium of local businessmen is also in talks over a possible 20-million-pound takeover of the club.
United are expected to announce manager Alex Ferguson has signed a new contract later on Wednesday.
In a statement to the stock exchange United, the English champions, said it had agreed to pay Leeds, bottom of the premier league, 1.5 million pounds as "full and final settlement" for the transfer of the England defender.
Manchester United said the payment covered the 3.25 million pounds it had owed Leeds, adding it would pay a levy of 75,000 pounds to the Premier League.
The July 2002 transfer of Ferdinand was the biggest in Britain and the highest for a defender worldwide.
LONDON, Jan 28 (Reuters) - Manchester United paid debt-laden Leeds United the final instalment of their record 30 million pound ($54.90 million) purchase of Rio Ferdinand on Wednesday, but it was less than half what was due under the contract.
Leeds, with 80 million pounds of debt, have been given until Friday to solve their financial crisis and are desperate for cash.
Chief executive Trevor Birch needs five million pounds to see the club through to the end of the season. A consortium of local businessmen is also in talks over a possible 20-million-pound takeover of the club.
United are expected to announce manager Alex Ferguson has signed a new contract later on Wednesday.
In a statement to the stock exchange United, the English champions, said it had agreed to pay Leeds, bottom of the premier league, 1.5 million pounds as "full and final settlement" for the transfer of the England defender.
Manchester United said the payment covered the 3.25 million pounds it had owed Leeds, adding it would pay a levy of 75,000 pounds to the Premier League.
The July 2002 transfer of Ferdinand was the biggest in Britain and the highest for a defender worldwide.