Bates: Taxman may force Leeds to fold

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Owed £7.7million in unpaid taxes, the Revenue lodged their objection to Bates' buy-back from administration shortly before yesterday's 4pm deadline, in a move that left the Leeds chairman fearing liquidation and several senior players fretting over their futures.

Scroll down to read more:

Warning: Ken Bates

After increasing his offer to creditors, on Monday, from 1p to 8p in the pound, Bates spelled out the consequences of an appeal by saying: "It would mean liquidation. Leeds United would cease to exist, and the loss of 500 jobs would be a further drain on Government resources."

As a further concern, the transfer embargo that comes with administration would remain in force, affecting proposed moves for players such as David Healy and Kevin Nicholls.