Guardian 9/5/07
Morris makes £10m bid for Leeds
Former director plans to build new stadium
Staff and agencies
Wednesday May 9, 2007
Guardian Unlimited
Former Leeds director Simon Morris today launched a £10m bid to buy the club and build a new 50,000-seater stadium as part of a £400m "world-class leisure venue".
Morris, the 29-year-old property entrepreneur, was recently named among the top 10 richest people under 30 in Britain with a fortune estimated at £69m. He has tabled a £10m bid for the club and, if successful, says he will provide a further £25m to bring financial stability to Elland Road. Moreover, Morris's lavish plans involve developing the land around Elland Road and building a new stadium as part of a multi-million pound entertainment complex.
SR Morris Group, who claim to be one of the fastest-growing property companies in the UK, say they plan to invest £400m in the scheme. "Our plans are fully costed and very well financed," said Morris. "They offer a great future for Leeds United and the club's fans, allowing us to put the troubles of the past behind it. Our scheme would also put Leeds where it belongs - at the top of the tree in the north of England for entertainment and urban regeneration."
Leeds went into administration with debts of £35m last Friday following a winding-up order issued by the Inland Revenue, who are owed £5m in unpaid taxes. The business was, with the administrators' approval, almost immediately bought by a new company, Leeds United Football Club Limited, of which Ken Bates is a listed director.
But the sale is subject to approval by the club's creditors at a meeting later this month and also by the Football League, while SR Morris and other consortia are aiming to ambush Bates' plans to resume control of the club.
Morris was the leading shareholder in the Yorkshire consortium that were in charge at Elland Road for 10 months from March 2004.
Morris makes £10m bid for Leeds
Former director plans to build new stadium
Staff and agencies
Wednesday May 9, 2007
Guardian Unlimited
Former Leeds director Simon Morris today launched a £10m bid to buy the club and build a new 50,000-seater stadium as part of a £400m "world-class leisure venue".
Morris, the 29-year-old property entrepreneur, was recently named among the top 10 richest people under 30 in Britain with a fortune estimated at £69m. He has tabled a £10m bid for the club and, if successful, says he will provide a further £25m to bring financial stability to Elland Road. Moreover, Morris's lavish plans involve developing the land around Elland Road and building a new stadium as part of a multi-million pound entertainment complex.
SR Morris Group, who claim to be one of the fastest-growing property companies in the UK, say they plan to invest £400m in the scheme. "Our plans are fully costed and very well financed," said Morris. "They offer a great future for Leeds United and the club's fans, allowing us to put the troubles of the past behind it. Our scheme would also put Leeds where it belongs - at the top of the tree in the north of England for entertainment and urban regeneration."
Leeds went into administration with debts of £35m last Friday following a winding-up order issued by the Inland Revenue, who are owed £5m in unpaid taxes. The business was, with the administrators' approval, almost immediately bought by a new company, Leeds United Football Club Limited, of which Ken Bates is a listed director.
But the sale is subject to approval by the club's creditors at a meeting later this month and also by the Football League, while SR Morris and other consortia are aiming to ambush Bates' plans to resume control of the club.
Morris was the leading shareholder in the Yorkshire consortium that were in charge at Elland Road for 10 months from March 2004.