Yorkshire Post 22/5/07
Players' wage deferral helps keep United going
By Richard Sutcliffe
ALL but four of Leeds United's players have agreed to defer their wages until after next month's creditors meeting.
The Elland Road outfit were placed in administration on May 4 amid debts of £35m and a balance sheet indicating that an injection of £10m was needed to keep the club going.KPMG were immediately appointed as the administrators and within minutes they agreed to sell the business and its assets to a company called Leeds United Football Club Limited.Chairman Ken Bates is listed as one of three directors in the new company and the sale is subject to approval at a meeting of creditors on June 1.Three members of staff based at the club's Thorp Arch training complex – physio Alan Sutton, kit manager Sean Hardy and Dennis Wise's secretary, Vicky Walsh – were made redundant last week as the administrator implemented a round of cost-cutting. KPMG then approached the Professional Footballers' Association to see if the 36-strong playing staff would be willing to take a wage deferral until later in the summer to help United keep going.Football League officials were also involved in the talks that led to all but four of the squad agreeing to the deferral. The quartet who refused will be paid their wages in full as normal.Bates is hoping to buy back the club on June 1 when his offer of one penny in the pound to creditors will be voted on. He is understood to have already secured the backing of the three major creditors – Astor Investment Holdings, Krato Trust and Forward Sports Fund, the three institutions from which United arranged funding.The Leeds chairman is, however, facing competition from Leeds property developer Simon Morris, who spent 10 months on the Elland Road board when Gerald Krasner was chairman.A host of other parties have gone public with their interest in taking over the club once they exit
administration, including former United manager Don Revie's son Duncan and multi-millionaire businessman, Sheikh Samir Mirdad, who claimed over the weekend to be heading a Dubai-based consortium.Amid all the off-field goings on, United are still having to prepare for life in League One and yesterday they confirmed their pre-season fixture schedule.Wise's side will travel to York City on Saturday, July 14 before embarking on a tour of either Germany or America. Details will be announced later this week.Once United return to England, they will face Burnley at Turf Moor on Saturday, July 28 and then travel to Darlington the following Tuesday.The club's pre-season schedule will be rounded off with a rare home friendly against Wigan Athletic on Saturday, August 4.The Premiership club will be the first to visit Elland Road for a friendly game since Valencia in the summer of 2004.
BBC 21/5/07
Leeds players agree wage deferral
All but four of Leeds United's players have agreed to a request to defer their wages, reports BBC Radio Leeds.
The club's administrators KPMG liaised with the Professional Footballers Association and the Football League before entering a deed of deferral.
Thirty two of the 36-strong squad have agreed in order to help secure the long-term future for the club.
Leeds, who have been relegated to League One, went into administration before the end of the season.
The wages of the players who have agreed to the deferral will be paid after the approval of the CVA at a meeting of the creditors next month.
The administrators will pay those who did not sign the deed of deferral.
Chairman Ken Bates is hoping to buy back the club, who are £35m in debt, on 1 June when their creditors who are owed money are expected to be offered one penny in the pound.
Players' wage deferral helps keep United going
By Richard Sutcliffe
ALL but four of Leeds United's players have agreed to defer their wages until after next month's creditors meeting.
The Elland Road outfit were placed in administration on May 4 amid debts of £35m and a balance sheet indicating that an injection of £10m was needed to keep the club going.KPMG were immediately appointed as the administrators and within minutes they agreed to sell the business and its assets to a company called Leeds United Football Club Limited.Chairman Ken Bates is listed as one of three directors in the new company and the sale is subject to approval at a meeting of creditors on June 1.Three members of staff based at the club's Thorp Arch training complex – physio Alan Sutton, kit manager Sean Hardy and Dennis Wise's secretary, Vicky Walsh – were made redundant last week as the administrator implemented a round of cost-cutting. KPMG then approached the Professional Footballers' Association to see if the 36-strong playing staff would be willing to take a wage deferral until later in the summer to help United keep going.Football League officials were also involved in the talks that led to all but four of the squad agreeing to the deferral. The quartet who refused will be paid their wages in full as normal.Bates is hoping to buy back the club on June 1 when his offer of one penny in the pound to creditors will be voted on. He is understood to have already secured the backing of the three major creditors – Astor Investment Holdings, Krato Trust and Forward Sports Fund, the three institutions from which United arranged funding.The Leeds chairman is, however, facing competition from Leeds property developer Simon Morris, who spent 10 months on the Elland Road board when Gerald Krasner was chairman.A host of other parties have gone public with their interest in taking over the club once they exit
administration, including former United manager Don Revie's son Duncan and multi-millionaire businessman, Sheikh Samir Mirdad, who claimed over the weekend to be heading a Dubai-based consortium.Amid all the off-field goings on, United are still having to prepare for life in League One and yesterday they confirmed their pre-season fixture schedule.Wise's side will travel to York City on Saturday, July 14 before embarking on a tour of either Germany or America. Details will be announced later this week.Once United return to England, they will face Burnley at Turf Moor on Saturday, July 28 and then travel to Darlington the following Tuesday.The club's pre-season schedule will be rounded off with a rare home friendly against Wigan Athletic on Saturday, August 4.The Premiership club will be the first to visit Elland Road for a friendly game since Valencia in the summer of 2004.
BBC 21/5/07
Leeds players agree wage deferral
All but four of Leeds United's players have agreed to a request to defer their wages, reports BBC Radio Leeds.
The club's administrators KPMG liaised with the Professional Footballers Association and the Football League before entering a deed of deferral.
Thirty two of the 36-strong squad have agreed in order to help secure the long-term future for the club.
Leeds, who have been relegated to League One, went into administration before the end of the season.
The wages of the players who have agreed to the deferral will be paid after the approval of the CVA at a meeting of the creditors next month.
The administrators will pay those who did not sign the deed of deferral.
Chairman Ken Bates is hoping to buy back the club, who are £35m in debt, on 1 June when their creditors who are owed money are expected to be offered one penny in the pound.
