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LEEDS DEAL AGREED
Friday 19th March 2004
Leeds United's immediate future has been secured after a consortium finally concluded the successful purchase of the Premiership club on Friday.
The stricken Elland Road side have been in talks with the Gerald Krasner-fronted consortium for some time and a deal has finally been concluded which will hopefully keep the West Yorkshire side's heads above water.
Leeds, who have massive debts, have been seeking new owners for some time and had been in talks with Krasner's group since January.
In the last few days, talks have progressed rapidly which has facilitated a deal being struck on Friday.
"The consortium has done its job, Leeds United is saved for the supporters," Krasner told Sky Sports News.
Whites legend Peter Lorimer will be handed a place on the board in the hope of helping steady the ship.
"I have been aware of it for the last two or three weeks," Lorimer told Sky Sports News. "I will be on the board to deal with the press and help with football matters.
"I am obviously delighted this has all gone through."
Former Bradford City chairman Geoffrey Richmond has aided Krasner's consortium and he has revealed one of the first tasks will be to cut the wage bill.
"We have to cut costs," Richmond told Sky Sports News. "There are 60 professionals on the books, from first year professionals to internationals, and 15 of those 60 earn over £1 million a year, some substantially more than that.
"It is unsustainable and it cannot continue, we have to cut costs. One of them is earning over £3.5 million.
"It would have been sustainable had we qualified for the Champions League every year, but if you cannot do that it is all downhill.
"You cannot sustain the club on the necessity of reaching the group stages of the Champions League."
Leeds are currently bottom of The Premiership and fighting a desperate battle to avoid relegation.
LEEDS DEAL AGREED
Friday 19th March 2004
Leeds United's immediate future has been secured after a consortium finally concluded the successful purchase of the Premiership club on Friday.
The stricken Elland Road side have been in talks with the Gerald Krasner-fronted consortium for some time and a deal has finally been concluded which will hopefully keep the West Yorkshire side's heads above water.
Leeds, who have massive debts, have been seeking new owners for some time and had been in talks with Krasner's group since January.
In the last few days, talks have progressed rapidly which has facilitated a deal being struck on Friday.
"The consortium has done its job, Leeds United is saved for the supporters," Krasner told Sky Sports News.
Whites legend Peter Lorimer will be handed a place on the board in the hope of helping steady the ship.
"I have been aware of it for the last two or three weeks," Lorimer told Sky Sports News. "I will be on the board to deal with the press and help with football matters.
"I am obviously delighted this has all gone through."
Former Bradford City chairman Geoffrey Richmond has aided Krasner's consortium and he has revealed one of the first tasks will be to cut the wage bill.
"We have to cut costs," Richmond told Sky Sports News. "There are 60 professionals on the books, from first year professionals to internationals, and 15 of those 60 earn over £1 million a year, some substantially more than that.
"It is unsustainable and it cannot continue, we have to cut costs. One of them is earning over £3.5 million.
"It would have been sustainable had we qualified for the Champions League every year, but if you cannot do that it is all downhill.
"You cannot sustain the club on the necessity of reaching the group stages of the Champions League."
Leeds are currently bottom of The Premiership and fighting a desperate battle to avoid relegation.
