Wise gets just 30 days to rebuild his Leeds team

Leeds have been unable to sign new players under league rules since chairman Ken Bates placed the club in administration on May 4 with debts of £35million.

Scroll down for more

Bates edged closer to winning his battle for control at Elland Road yesterday when creditors voted by a small margin to accept his offer to buy back the club and pay off debts at 1p for every pound owed.

But although Bates emerged victorious from a fractious and extended meeting, a further 28 days must now elapse to allow creditors who voted against his offer to challenge the company voluntary arrangement (CVA) in court.

A spokesperson for Leeds' administrators KPMG said: "There is now a 28-day period which allows any creditor who wishes to dispute the CVA to go to court, so the club will stay in administration officially for a further 28 days.

"Then after that the new company will seek the Football League's and the Football Association's approval, so there is a little way to go yet."

HM Revenue and Customs, owed nearly £7million in unpaid tax, is one of three creditors understood to be considering a legal challenge.

The Football League are due to hold a board meeting in Portugal tomorrow, but are not expected to sanction Bates' takeover and so lift the transfer embargo until after the 28-day period.

It is more likely league chiefs will hand Leeds back their Football League share when the board meets again on July 12.

The new League One season kicks-off on August 11, just 30 days later.

The Football League refused to comment today, other than to say they would not be adding to a brief statement released yesterday.

The statement read: "The Football League has noted the decision of creditors of Leeds United Football Club to approve a proposed Company Voluntary Arrangement (CVA).

"For legal reasons it will now take a further 28 days for the CVA to be formalised. During that period the League can make no further comment.

"The League has also confirmed to the administrator the conditions that must be satisfied before the League board can consider transferring the club's share in the Football League to the new company."

Meanwhile, manager Wise has expressed his relief that mentor and good friend Bates appears set to regain control and can now look to attract new investment.

Wise also questioned the motives of all six of the different consortia which had lodged separate takeover bids for the club.

He said: "Obviously a few people were after the club, but unfortunately for them they didn't get it.

"I'm quite pleased because maybe their reasons may have been different. Why didn't they invest if they wanted it that much? They can help the club by doing that now if they are true Leeds supporters.

"There can't be any doubting the chairman's commitment - he wants to make this club great again. We all do. This is a massive club and we can work towards restoring it now.

"What we need is help, not hindrance. If someone does decide to challenge what's happened that won't help us in the slightest, but if someone wants to invest, this is the right time."