Potential new owner Simon Morris tabled a bid on Saturday for Leeds United, offering the clubs creditors 40p in the £1 for the club, vastly improving on Ken Bates’ offer of just 1p in the £1.
Morris is believed to have already offered £10m for the club, with a further £25m ready to invest coupled with a re-development plan for Elland Road and the surrounding area.
The statement, posted both online via saveleeds.com and via subscription e-mail read:
‘Property developer SR Morris Group, which is bidding to buy Leeds United FC, has today (Saturday) offered creditors 40p-in-the-pound to win their support in the battle to takeover the club.
SR Morris has already tabled £10million to buy Leeds out of administration, topped up with a cash injection of £25million to stabilise the club`s finances. The company has a £400million redevelopment plan for Elland Road that will regenerate a key area of the city.
Creditors are currently being offered 1p-in-the-pound.
SR Morris chairman Simon Morris said: ‘We believe creditors will see and understand the value in our offer.
‘If we are successful in our bid to buy Leeds United, there will be 20p-in-the-pound for the creditors immediately and a further 20p-in-the-pound for them over a period of time.`
At an administrator`s meeting on Friday a recount was ordered after 75.02 per cent of the creditors voted to accept the 1p-in-the-pound offer.
The recount meeting is scheduled for Monday June 4.’
Join Vital Leeds
To visit the Vital Leeds message board, click here.
This website is your website and we are looking for people to help run the site. Do you go to most of the games and have an opinion? Why not write a match report? Perhaps you are a budding journalist or even just someone who is very opinionated? Well why not join our team? If this interests you please contact Vital Leeds.