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Consortium poised to take over Leeds
Thu 28 October, 2004 10:09
LONDON (Reuters) - An Anglo-American consortium is poised to take over Leeds United in a deal worth 25 million pounds, according to the Yorkshire Post.
The newspaper said on Thursday the deal for the second division side should be completed within the next 24 hours with money made available to buy new players on completion.
Leeds, top of the Premier League in January 2002, have plummeted to 17th place in the second division after being forced to sell off their top players to service debts estimated at 80 million pounds.
The Post said 23 million would be pumped into the club to wipe out non-scheduled debts and loans if the takeover is successful.
It quoted a source close to the new consortium as saying its aim was to make the club debt-free and that it did not plan to sell Elland Road, the team's home ground.
Leeds, the dominant club in English soccer in the late 1960s and early 1970s, reached the Champions League semi-finals in 2001 before financial profligacy caught up with them.
The club teetered on the edge of financial collapse earlier this year before being sold to a Yorkshire-based consortium in March. Leeds were relegated from the Premier League in May.
Consortium poised to take over Leeds
Thu 28 October, 2004 10:09
LONDON (Reuters) - An Anglo-American consortium is poised to take over Leeds United in a deal worth 25 million pounds, according to the Yorkshire Post.
The newspaper said on Thursday the deal for the second division side should be completed within the next 24 hours with money made available to buy new players on completion.
Leeds, top of the Premier League in January 2002, have plummeted to 17th place in the second division after being forced to sell off their top players to service debts estimated at 80 million pounds.
The Post said 23 million would be pumped into the club to wipe out non-scheduled debts and loans if the takeover is successful.
It quoted a source close to the new consortium as saying its aim was to make the club debt-free and that it did not plan to sell Elland Road, the team's home ground.
Leeds, the dominant club in English soccer in the late 1960s and early 1970s, reached the Champions League semi-finals in 2001 before financial profligacy caught up with them.
The club teetered on the edge of financial collapse earlier this year before being sold to a Yorkshire-based consortium in March. Leeds were relegated from the Premier League in May.
