Date: 2nd July 2007 at 5:09pm
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The Leeds United official website have announced that, following a meeting with the Inland Revenue that the clubs creditors will now receive a much improved offer, taking the deal to 8p in the £1 from the original 1p.

The original payment from the group fronted by former Chairman Ken Bates was set at 1p in the £1, which was deemed unacceptable by a large proportion and with rumours of a Government-level objection cropping up it now appears that Bates has moved to safeguard his takeover of the club.

A statement, released on the official website suggests now that any move to block Bates` takeover of Leeds United will be on a personal or political scale, rather than the commercial viewpoint that was taken by those who did not support the original offer.

The statement, in part, reads; “After meetings with the Inland Revenue the administrator has negotiated an improved offer to the creditors of Leeds United, offering them a further amount equal to approximately 7p in the pound.

This will take the total to approximately 8p in the pound. The original agreement also included provision for a further £5m payment to creditors (approximately 30p in the pound) should the club reach the Premier League within the next five years.

This period of time has now been extended to 10 years. This payment compares favourably with dividends paid by other football clubs that have been through the Administration process and with any offers that the Administrators received prior to approval of the CVA.”



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