Sporting Life - Football
LEEDS SECURE 'STANDSTILL' EXTENSION
Trevor Birch has been granted a further four-day extension to a 'standstill agreement' with creditors as the Leeds chairman continues his attempts to find a buyer for the cash-strapped club.
It would appear Birch has satisfied the principal creditors, who are owed a combined £82million, that a four-man, Yorkshire-based consortium are poised to take control of Leeds in a buy-out understood to be worth £20million.
Negotiations are at an advanced stage, and being conducted through a prominent firm of lawyers in Leeds, with the possibility a deal could now be finalised by the end of the week.
A statement to the Stock Exchange on Monday evening read: "The board of Leeds United PLC announces that the standstill period with the Company's principal finance creditors has today been extended to 5pm on 30 January 2004. As previously announced, the standstill agreement also provides for a further extension to February 6, 2004, conditional on achievement of certain financial and other covenants."
LEEDS SECURE 'STANDSTILL' EXTENSION
Trevor Birch has been granted a further four-day extension to a 'standstill agreement' with creditors as the Leeds chairman continues his attempts to find a buyer for the cash-strapped club.
It would appear Birch has satisfied the principal creditors, who are owed a combined £82million, that a four-man, Yorkshire-based consortium are poised to take control of Leeds in a buy-out understood to be worth £20million.
Negotiations are at an advanced stage, and being conducted through a prominent firm of lawyers in Leeds, with the possibility a deal could now be finalised by the end of the week.
A statement to the Stock Exchange on Monday evening read: "The board of Leeds United PLC announces that the standstill period with the Company's principal finance creditors has today been extended to 5pm on 30 January 2004. As previously announced, the standstill agreement also provides for a further extension to February 6, 2004, conditional on achievement of certain financial and other covenants."