http://www.leedsunited.com/page/NewsroomDetail/0,,10273~1065797,00.html
STATEMENT After meetings with the Inland Revenue the administrator has negotiated an improved offer to the creditors of Leeds United, offering them a further amount equal to approximately 7p in the pound. This will take the total to approximately 8p in the pound. The original agreement also included provision for a further £5m payment to creditors (approximately 30p in the pound) should the club reach the Premier League within the next five years. This period of time has now been extended to 10 years. This payment compares favourably with dividends paid by other football clubs that have been through the Administration process and with any offers that the Administrators received prior to approval of the CVA. This offer is unconditional, subject to there being no challenge to the administration and the Football League transferring Leeds United's share to the NewCo. This offer is better than any other alleged offer that has been made, all of which were subject to conditions and due diligence. Nevertheless, in accordance with an undertaking given to the administrators our lawyers have pursued every expression of interest to invest in the Club. However, none of the would-be alleged alternative bidders made any firm offers. Not only is our offer the best, it is the only one on the table. If the CVA is challenged the consequence will be liquidation and Leeds United will cease to exist and the loss of 500 jobs would be a further drain on government resources with unemployment and social security benefits. It is our view that any appeal now will not be made on commercial grounds but is either politically or personally motivated. The period allowed by statute for an appeal expires at 4pm on Tuesday 3rd July 2007. To date over 14,000 fans have subscribed to season tickets or memberships as a demonstration of their faith in the future. * * * * * * * * * * * * Sounds like he's done a deal with HMRC... wonder why he couldn't have done this before? Still lots of threats and bluster - he obviously knows he's on thin ice. - Sean _______________________________________________ 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 Join The Leeds United Supporters Trust at www.lufctrust.org
