Sporting Life - Football
BIRCH WINS LATEST LEEDS BATTLE
By Ian Parkes, PA Sport
Leeds chief executive Trevor Birch has won his latest battle with the club's creditors by gaining a further extension of the standstill period until next Friday.
Over the past 10 days Birch has managed to raise the £5million needed to see Leeds through to the end of the season, which culminated in Thursday's unanimous agreement among the players to defer 25% of their wages.
On Friday, Birch held the latest meeting with the creditors - bondholders M&G, MetLife and Teachers, along with player-leasing agents Registered European Football Finance Ltd - to outline his developments.
Along with the £2.5million raised via the players, Birch turned to former managers David O'Leary, Terry Venables and Peter Reid, who have all agreed to defer severance payments owed in the wake of their sackings in the past 20 months, totalling just over £1million.
Birch also received a timely windfall of £1.5million from rivals Manchester United on Wednesday as full and final payment for Rio Ferdinand's transfer to Old Trafford in July 2002.
A payment of £10,000 per week to former striker Robbie Fowler, owed as part of his £6million move to Manchester City a year ago, has apparently been put on hold, while Birch has also saved on the wages of loanees Roque Junior and Cyril Chapuis by letting them leave.
A statement to the Stock Exchange read: "The board of Leeds United plc announces it has met the financial and other covenants (described in its announcements on 19 and 26 January 2004) and as a result the standstill period now extends to 6 February 2004."
Although it was perhaps expected the deadline would be extended to the end of the season, the extra week, as outlined in previous statements, allows the creditors - which also includes the Inland Revenue and Customs & Excise - to go through Birch's financial proposals.
It is likely when next Friday's latest deadline is reached, there will be a further statement confirming the standstill agreement will be extended until to the end of the season, or with provision through to that point.
BIRCH WINS LATEST LEEDS BATTLE
By Ian Parkes, PA Sport
Leeds chief executive Trevor Birch has won his latest battle with the club's creditors by gaining a further extension of the standstill period until next Friday.
Over the past 10 days Birch has managed to raise the £5million needed to see Leeds through to the end of the season, which culminated in Thursday's unanimous agreement among the players to defer 25% of their wages.
On Friday, Birch held the latest meeting with the creditors - bondholders M&G, MetLife and Teachers, along with player-leasing agents Registered European Football Finance Ltd - to outline his developments.
Along with the £2.5million raised via the players, Birch turned to former managers David O'Leary, Terry Venables and Peter Reid, who have all agreed to defer severance payments owed in the wake of their sackings in the past 20 months, totalling just over £1million.
Birch also received a timely windfall of £1.5million from rivals Manchester United on Wednesday as full and final payment for Rio Ferdinand's transfer to Old Trafford in July 2002.
A payment of £10,000 per week to former striker Robbie Fowler, owed as part of his £6million move to Manchester City a year ago, has apparently been put on hold, while Birch has also saved on the wages of loanees Roque Junior and Cyril Chapuis by letting them leave.
A statement to the Stock Exchange read: "The board of Leeds United plc announces it has met the financial and other covenants (described in its announcements on 19 and 26 January 2004) and as a result the standstill period now extends to 6 February 2004."
Although it was perhaps expected the deadline would be extended to the end of the season, the extra week, as outlined in previous statements, allows the creditors - which also includes the Inland Revenue and Customs & Excise - to go through Birch's financial proposals.
It is likely when next Friday's latest deadline is reached, there will be a further statement confirming the standstill agreement will be extended until to the end of the season, or with provision through to that point.