Administrators seek league approval for Leeds sale - Sport - Evening Standard
       

Administrators seek league approval for Leeds sale

Administrators KPMG are believed to be locked in talks with both Football League and Premier League chiefs in their bid to sell Leeds.

United's new owners were expected to be revealed this afternoon, but long-suffering fans remain in the dark as to who will win the race to take control at Elland Road.

Instead, KPMG confirmed they were still evaluating the offers submitted by those interested parties who had shown proof of funds by today's noon deadline.

It is now expected KPMG will announce who will take the club forward later this evening or tomorrow morning.

Leeds United Supporters' Trust (LUST) chairman Rick Duniec told PA Sport: "I suspect the reason for the delay is that KPMG are seeking the approval of both the Football League and the Premier League before saying anything.

"The fans are just sick to death of it and want an end to this whole saga.

"Normal fans just want to get back to supporting a football team and not supporting balance sheets.

"I'm only speaking for the Trust, but the impression I get from speaking to all Leeds fans is that they are completely fed up with this now."

The delay has also prompted speculation that more bids than expected had been submitted, forcing KPMG to consider further options.

Leeds chairman Ken Bates has confirmed he has resubmitted his bid. He has also threatened legal action if he does not regain control of the club which he placed in administration with debts of £35million on May 4.

Local property developer Simon Morris and London-based investment firm Redbus Group, headed by Simon Franks, have confirmed they have submitted a joint bid, while there have been unsubstantiated reports linking former director Adam Pearson with the club.

Former Hull chairman Pearson, on the Elland Road board until 2001, has neither confirmed nor denied the speculation.

Bates' grip on the club has loosened considerably since the Inland Revenue mounted a legal challenge to his buy-back deal, which had been approved by KPMG in May.

Under the terms of Bates' initial offer to pay off Leeds' creditors at 1p for every pound owed, the Inland Revenue were set to receive just £77,000 of the £7.7million Leeds owed in unpaid taxes.

Bates increased his offer to 8p in the pound, but his last-ditch bid to head off the Inland Revenue's legal challenge proved in vain.

The High Court postponed a decision on the Inland Revenue's appeal until September 3 last Friday, but with the new season due to kick off in five weeks KPMG took the option of putting the club back on the market.

LUST have been highly critical of KPMG's handling of Leeds' administration and yesterday demanded a fair bidding process was allowed.

LUST members are unhappy that potential new owners were given little over 72 hours to submit an offer for the club following the administrators' decision to place it back on the market.

The Trust were also concerned at KPMG's inability to guarantee that the club's new owners would receive the money already paid by 9,000 fans for 2007-08 season tickets.

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