Time Running Out for Leeds Takeover - Guardian 13/1/04

-
Guardian Unlimited Football | News | Time running out for Leeds takeover Matt Scott Tuesday January 13, 2004 Leeds United do not expect to secure a takeover for the club before their January 19 deadline. A statement to the Stock Exchange yesterday indicated that negotiations are ongoing but that none of the current proposals amounts to a buy-out. "Further to its announcement on December 4 2003, the board of Leeds United confirms 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," said the statement. "However, none of the interested parties' proposals contemplates an offer for the company's shares." Leeds's best hope is to gain interim funding that will take them to the end of the season, by when the relegation-threatened club's footballing fate will be known. With a £20m discrepancy in revenues between the Premiership and the First Division, potential investors are unwilling to commit to a full purchase until the future value of the club becomes clear. Even that would prove expensive for the short-term investor, however. Though the club are breaking even after the raft of redundancies and debt restructuring undertaken by the club's former chairman Professor John McKenzie, interest payments on the club's overdrafts are soaring. One possible solution would be the sale of players, which would result in a reduction to the wage bill, but even that recourse would prove complicated. The purchases of several Leeds players were underwritten by the insurance firm Gerling. Yet the funds recouped by the sales of Olivier Dacourt and Robbie Fowler, players bought under the scheme, did not cover associated loans. The balance was then loaded on to the contract of Mark Viduka, whose registration was already mortgaged to the tune of £5m. Consequently, even if Viduka's desired sale were to raise £8m, it is believed such a fee would not cover the loans against his contract. "We are working very hard to try and resolve the situation and hope that an equitable agreement can be reached," said Gerling in a statement yesterday. The registrations of Paul Robinson and Alan Smith are not leased, making their potential transfers an attractive proposition for Leeds. However, the goalkeeper has already turned down a move to Aston Villa and Smith is determined to remain atElland Road for the fight against relegation. Even so, possible suitors are more likely to wait for Leeds's situation to deteriorate - since administration would significantly reduce any fee the club could request for their assets. The Leeds defender Michael Duberry has suffered a hamstring injury which may keep him out for up to a month.

Popular posts from this blog

The huge initial fee Leeds are set to receive for Crysencio Summerville’s move to West Ham — Leeds United News 31/7/24

-
Will Butcher West Ham United are closing in on a deal to sign Crysencio Summerville from Leeds United, and Ben Jacobs has shared how much Leeds will receive for the Dutchman. The 22-year-old has been strongly linked with the Elland Road exit door all summer and was targeted as the one big sale Leeds needed to make before the Profit & Sustainability Rules deadline this month. But instead, Leeds sold Archie Gray for £40m to Tottenham. Leeds have since sold five more players in the form of Diego Llorente, Marc Roca, Kris Klaesson and Charlie Cresswell – raking in around £60m in total. But more exits were always likely and Fabrizio Romano reported on Wednesday afternoon that West Ham had agreed personal terms with Summerville, and talks for a fee were ongoing with the Yorkshire side. Now, the story has moved on with multiple sources claiming a deal is done between Leeds and Angus Kinnear’s old club. The Dutchman is expected to sign a five-year at the London Stadium, until Jun...
Read more

Leeds United board break silence after transfer window with statement on upcoming Elland Road development — YEP 2/9/24

-
By Joe Donnohue Leeds United have confirmed supporters' commemorative stones at Elland Road's Centenary Square will be replaced free of charge in a bid to improve their longevity. Beginning next month, Leeds supporters' personalised stones will be replaced with exact replicas, courtesy of a new company, to ensure of a 'much better quality' installation. The work is expected to take around two months to complete. An official club statement confirmed 'three larger stones dedicated to former managers Don Revie, Howard Wilkinson and Marcelo Bielsa' will also be installed, 'similar to those located in Bremner Square', while additional space for supporters to purchase new stones has also been factored into the project. “The club have taken on board recent feedback from supporters on the stones at Centenary Square, and we are really happy that we can now announce that all of the stones will be replaced," chief executive Angus Kinnear confirmed,...
Read more

Leeds United transfer state of play as Whites knock back low bid and assert wing pair stance — YEP 3/7/24

-
By Graham Smyth Leeds United are not actively looking to cash in on Crysencio Summerville and Willy Gnonto and believe any further outgoing transfer business will be done on their terms. The Whites, who sold Archie Gray to Tottenham Hotspur on Tuesday for £40m, expect that there will be continued interest in wing pair Summerville and Gnonto as the summer transfer window progresses. Summerville has been a target for Premier League side Brighton and Hove Albion but their interest has not yet materialised into a bid. The Albion did, however, send a £30m proposal for Georginio Rutter, which Elland Road chiefs rejected. Rutter is not expected to try and force an exit this summer and appears settled at Leeds after a far more positive second season in English football. The sale of Gray has helped put Leeds into a position where they do not need to sell star players and can dictate any moves that do happen. Club sources say they are not actively looking to sell the likes of Summerville o...
Read more