35 million in debt...where did that come from? -------------- Original message -------------- From: <[EMAIL PROTECTED]>
> Leeds United Football Club - KPMG Administrators appointed > KPMG News 04 May 2007 > > Richard Fleming, Mark Firmin and Howard Smith, of KPMG Restructuring, were > today appointed administrators of Leeds United Association Football Club > Limited at the request of the Club's directors. > > Shortly after their appointment the joint administrators agreed to sell the > business and its assets to a newly formed company called Leeds United > Football Club Limited, the directors of which are Ken Bates, Shaun Harvey > and Mark Taylor. > > The sale of the Club is subject to approval by its creditors, via a Company > Voluntary Arrangement (CVA). This would see creditors forgoing a significant > element of their debt, in order to allow the Club to continue trading under > new ownership. The creditors' meeting, to consider the CVA, will be held > before the end of May. The Football League will also need to approve the > sale. > > Richard Fleming, joint administrator and KPMG Restructuring partner said: > > "We were asked by the board of directors to advise Leeds United on Monday 30 > April 2007. The Club has experienced significant financial difficulty for > some years and was burdened with historic debt and wage structures. > > "It was necessary for the Club to enter administration as its balance sheet > dated 31 March 2007 indicated debts totalling approximately £35 million, > with a cash injection of approximately £10 million required to continue > trading. Further, Her Majesty's Revenue & Customs (HMRC) recently issued a > winding up petition for approximately £5 million. If this debt had not been > paid by 25 June 2007, the Club may have been forced into liquidation." > > The administrators understand from discussions with the Football League that > the administration will result in the immediate deduction of 10 points from > the Club's current points total in this years Championship. This means that > next season the club will start the campaign in League One with no points > deducted. > > Richard Fleming concluded: "This agreement has been reached quickly to > maximise the possibility of survival of this major football club, to > minimise uncertainty for all the Club's stakeholders and supporters and to > allow the Club to plan ahead for next season. There is now a big decision > for the creditors to make at their forthcoming meeting." > > > -ENDS- > > Further information: > KPMG press office: > Alison Anderson on 0113 254 2980 or at [EMAIL PROTECTED] > Richard Griffiths on 0207 694 2594 or at [EMAIL PROTECTED] > > Leeds United Football Club Limited: > Shaun Harvey on 0113 367 6074. > > > > > _______________________________________________ > the Leeds List is an unmoderated mailing list and the list administrators > accept > no liability for the personal views and opinions of contributors. > Leedslist mailing list > [email protected] > http://list.zetnet.co.uk/mailman/listinfo/leedslist > The Leeds List - "where never is heard a discouraging word..."
_______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..."
