Leeds' Future in the Balance - ESPN 12/1/04

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ESPNSoccernet.com: England: Leeds' future in the balance Talks continue on Leeds takeover Leeds United this morning confirmed 'continuing, constructive discussions' are taking place over the future of the debt-ridden club. In a statement to the Stock Exchange Leeds United PLC claims a number of parties are discussing proposals to buy the company's business or inject funds into the Elland Road outfit. Leeds are thought to be around £80million in debt and are currently second bottom of the Premiership. The statement read: 'Further to its announcement on December 4, 2003, the board of Leeds United confirms that it is in continuing, constructive discussions with a number of parties regarding proposals to purchase the company's business and assets or to inject funds. 'However none of the interested parties' proposals contemplates an offer for the company's shares.' Leeds chief executive and acting chairman Trevor Birch has until January 19 to announce a new buyer following a deadline imposed by the club's major creditors who are owed a combined £82million. Although up until this morning there had been an eerie silence emanating from Elland Road, behind the financial scenes there has been an astonishing amount of trading in Leeds shares. Most significantly is that Schroder Investment Management Ltd, who up until recently were the largest institutional shareholder with a stake of 12.1 per cent, have sold 4 per cent - 12.25 million shares - of their stock. Noticeably, since Leeds announced 'a standstill agreement' with their creditors on December 4, in total more than 30 per cent of the company has changed hands, with brokers KBC Peel Hunt - who are acting as advisors to Leeds United PLC - involved in the majority of the dealings. Allan Leighton has yet to signal his intent despite claims the former deputy plc chairman was forming a consortium designed to save Leeds from financial ruin. Life-long fan Sheikh Abdulrahman bin Mubarak al-Khalifa, in conjunction with Saudi businessmen, has been the only interested party to publicly confirm an interest. Understandably, the ordinary supporters are beginning to grow increasingly anxious. If further funds are forthcoming following today's announcement, the deadline could be extended.

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