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LEEDS STARS AGREE TO WAGE DEFERRAL
Leeds United players have agreed to a wage deferral of more than 20 percent to help the struggling club avoid going into administration.
The club's players have been locked in talks with The Professional Footballers' Association and Elland Road officials for the past week in a bid to find an agreement to defer a portion of their wages until the end of the season.
PFA chief Gordon Taylor revealed that the players has unanimously agreed to defer "more than 20 percent of their wages".
Leeds had been given until Friday to find the £5 million needed to keep the club afloat until the end of the season and the move by the players is set to save the club from going into administration.
Taylor was delighted that the players had agreed to the deferral, and praised them for their commitment.
"We had a long discussion with the players - they are all together and have unanimously agreed to a wage deferral which will go a considerable way to allowing the club to stay in business for the rest of the season. It is a large amount of money," said Taylor.
"They have been unanimous in accepting a considerable percentage, it will amount literally to millions. It's more than 20 percent.
"I was delighted that all the players agreed to this. Football is a very short career, to defer a large proportion of your wages when you have financial commitments takes some consideration."
The Leeds board confirmed the agreement and revealed they had asked for an extension with the creditors until the end of the season, with the deadline set to expire on Friday.
"The Board of Leeds United plc confirms that it has agreed, subject to documentation, a wage deferral arrangement with all of the football club's professional players to assist the company's cash management," read the statement.
"Gordon Taylor and Mick McGuire of the PFA met with the club's Finance Director, Neil Robson, and the players this afternoon to discuss the current financial situation at Leeds United. As a result, the players gave their unanimous support to a significant deferral of their wages.
"The Board is now in negotiations with its principal finance creditors to seek a further extension to the existing standstill arrangements to the end of the football season. A further announcement will be made in this regard in due course."
Leeds chief executive Trevor Birch also thanked the players for their contribution to the club's survival bid.
"The Board understands that this position has been very difficult for the players and this request was made as an absolute last resort," noted Birch.
"The players' actions demonstrate their commitment and understanding and give Leeds United a massive lift as we look towards the rest of the season.
"There are 16 games left for Leeds United to fight for survival in the Premier League. The Board, employees, players and supporters should now pull together and do whatever they can to achieve this goal."
Meanwhile, the Yorkshire-based consortium interested in taking over the club announced they have the money in place for a deal to happen.
"I am pleased to announce that earlier today our solicitors, Walker Morris, have informed Leeds United Football Club's advisors that we have an eight-figure sum in a solicitors' client's account to do this deal," said consortium representative Gerald Krasner.
LEEDS STARS AGREE TO WAGE DEFERRAL
Leeds United players have agreed to a wage deferral of more than 20 percent to help the struggling club avoid going into administration.
The club's players have been locked in talks with The Professional Footballers' Association and Elland Road officials for the past week in a bid to find an agreement to defer a portion of their wages until the end of the season.
PFA chief Gordon Taylor revealed that the players has unanimously agreed to defer "more than 20 percent of their wages".
Leeds had been given until Friday to find the £5 million needed to keep the club afloat until the end of the season and the move by the players is set to save the club from going into administration.
Taylor was delighted that the players had agreed to the deferral, and praised them for their commitment.
"We had a long discussion with the players - they are all together and have unanimously agreed to a wage deferral which will go a considerable way to allowing the club to stay in business for the rest of the season. It is a large amount of money," said Taylor.
"They have been unanimous in accepting a considerable percentage, it will amount literally to millions. It's more than 20 percent.
"I was delighted that all the players agreed to this. Football is a very short career, to defer a large proportion of your wages when you have financial commitments takes some consideration."
The Leeds board confirmed the agreement and revealed they had asked for an extension with the creditors until the end of the season, with the deadline set to expire on Friday.
"The Board of Leeds United plc confirms that it has agreed, subject to documentation, a wage deferral arrangement with all of the football club's professional players to assist the company's cash management," read the statement.
"Gordon Taylor and Mick McGuire of the PFA met with the club's Finance Director, Neil Robson, and the players this afternoon to discuss the current financial situation at Leeds United. As a result, the players gave their unanimous support to a significant deferral of their wages.
"The Board is now in negotiations with its principal finance creditors to seek a further extension to the existing standstill arrangements to the end of the football season. A further announcement will be made in this regard in due course."
Leeds chief executive Trevor Birch also thanked the players for their contribution to the club's survival bid.
"The Board understands that this position has been very difficult for the players and this request was made as an absolute last resort," noted Birch.
"The players' actions demonstrate their commitment and understanding and give Leeds United a massive lift as we look towards the rest of the season.
"There are 16 games left for Leeds United to fight for survival in the Premier League. The Board, employees, players and supporters should now pull together and do whatever they can to achieve this goal."
Meanwhile, the Yorkshire-based consortium interested in taking over the club announced they have the money in place for a deal to happen.
"I am pleased to announce that earlier today our solicitors, Walker Morris, have informed Leeds United Football Club's advisors that we have an eight-figure sum in a solicitors' client's account to do this deal," said consortium representative Gerald Krasner.