The much publicised CVA proposal made by former Leeds United Chairman Ken Bates will be accepted today provided that no objections are made to the administrators by 4pm.
Following the (just about) successful vote, there has been a statutory period of 28 days for creditors to lodge any appeal, something which prompted action regarding the 1p in the £1 deal offered by a consortium lead by Bates.
The threat of a challenge then forced the former Chelsea man to up his offer to 8p in the £1 following the threat of Government level intervention for the money owed to the Inland Revenue.
Uncle Ken went on Yorkshire Radio to explain what has happened recently, and the implications of any appeal and subsequent rejection of the proposal that would ultimately see the end of Leeds United F.C.
‘The Revenue spoke to the administrator on Friday and asked about the situation,’ he said. ‘And the administrator agreed to look at the situation.
‘We then had a meeting on Saturday with Shaun Harvey, the administrator and their lawyers. After a lot of discussions we agreed we would increase the offer by another £1m.’
The end of Leeds United? I would certainly hope not, Vital Leeds United will bring you the news post-4pm just as soon as we can get it.
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