Leeds continue to press for deal http://www.yorkshirepost.co.uk/template/viewarticle.aspx?sectionid=117&articleid=3006528
================================ By Mark Walker Leeds United chairman Ken Bates is still hoping to thrash out a deal with the Inland Revenue in a bid to regain control at Elland Road. The Inland Revenue, owed £7.7m by Leeds in unpaid taxes, launched an 11th-hour legal challenge on Tuesday to Bates's proposed buy-back deal after he placed the club into administration on May 4. A Leeds statement read: "Urgent meetings are taking place today between the administrators (KPMG), the club and the Football League to establish how to move forward following the appeal lodged by HMRC (Inland Revenue). "The club remain confident of a positive outcome and that it will be able to start the 2007-08 season." Bates has already issued a stark warning that the club will go into liquidation if his offer is not accepted. A timetable for the Inland Revenue's appeal will be heard in the High Court tomorrow morning, but fans now fear a legal challenge will not be concluded before the start of the new season. Manager Dennis Wise's plans for Leeds's first campaign in Coca-Cola League One have been thrown into disarray with the club unable to buy or sell players. Those players the club had already agreed deals with subject to Bates's offer being approved will now be tempted to look elsewhere with the start of the 2007-8 season a little over five weeks away. Neither Bates, adminstrators KPMG nor the Football League were prepared to comment yesterday. But one of several options available to KPMG would be to act before tomorrow's hearing and, with the High Court's approval, scrap the CVA proposal and buy back the club from Bates for £1 before selling it on to the highest bidder. Alternatively, Bates could convince the Inland Revenue to drop their challenge by increasing his offer to creditors for a second time. He improved his initial offer to pay off the club's debts at 1p in the pound to 8p in the pound. If United are put up for sale, there would be no shortage of bidders. Already, last night, Redbus businessman Simon Franks threw his hat into the ring to buy Leeds United. Although no exact financial details have been released, Franks claimed his offer was substantially higher than that of the club's chairman Bates. Meanwhile, the club have moved to assure fans who have already bought season tickets that their money will be refunded if necessary. The statement continued: "Leeds United 2007 Ltd, who have sold the tickets for the forthcoming season, will ensure that the money is kept safe so it can be returned to supporters if we cannot start the season." Football League spokesman John Nagle said: "The Football League met with KPMG this morning to review the present situation. "We now await the preliminary hearing on the legal challenge on Friday." _______________________________________________ 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
