Times Online - Sport

January 09, 2004

Leeds hope to benefit from retail therapy
By Gary Jacob

PHILIP GREEN, the billionaire retail entrepreneur who owns Bhs and Arcadia, is said to be close to agreeing a deal to take over Leeds United. Green, a close friend of Allan Leighton, who stood down as Leeds deputy chairman last month to avoid a conflict of interest as he decided whether to table an offer, has been in talks with club officials in London this week. A deal is expected be announced next week.
Leeds, who have debts of about £80 million, have agreed a halt on repayments to bond-holders until January 19 to give them breathing space to attract a buyer or a cash injection and save the club from possibly being forced into administration. The club borrowed £60 million against 25 years of season-ticket sales and still owes a finance company £21.3 million for the hire purchase of several players.
Green is expected to pay about £40 million to lenders to wipe out the debt. He was brought on board by Leighton, the Bhs chairman. It is not the first time that Green, a Tottenham Hotspur fan, has flirted with football. He helped Bill Kenwright, a close friend and a leading theatre impresario, to buy Everton. A flamboyant businessman, Green paid £500,000 for a signed England rugby union World Cup final shirt at a charity auction.
Of the other bids being mooted, Sheikh Mubarak al-Khalifa, a member of Bahrain’s ruling dynasty, held talks with Leeds last month, but a deal was not agreed. Professor John McKenzie, the former Leeds chairman, effectively ruled himself out of a bid when he sold a large number of his shares in the club.

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