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26/11/2003
Leeds Utd could go into administration, directors warn
Directors at beleaguered Premiership strugglers Leeds United have issued a statement today warning that if negotiations to secure further funding fail, the club could go into administration.
The club said that directors had been negotiating the first phase of a "complex debt restructuring" of the group's finances with creditors to release extra capital that will keep the club running for the next three months.
"But, if the negotiations referred to above are unsuccessful, the Directors may be forced to seek the protection of an administration order," the statement added.
Leeds United, which owes around £80 million to creditors, is currently languishing at the foot of the Premiership table with only eights points from 13 games.
The club's statement added: "Unfortunately, after a long period of constructive discussions, negotiations have failed to reach a satisfactory conclusion in time to issue a circular and obtain shareholder approval before Christmas.
"As a result, it has been decided not to go ahead with the planned subscription for shares and, contrary to the expectation expressed in the Preliminary Statement, there will be no circular issued to shareholders."
The club said that it would continue "constructive discussions" with principal creditors and proposed investors with a view to providing the Group with "additional working capital and to give it time to implement a more permanent restructuring plan".
According to the club's preliminary statement on October 28, directors planned a share issue to inject £4.4 million in cash from Allan Leighton and ARM Holdings Group Ltd.
The club said that it would deliver a further announcement "as soon as the company is in a position to make one".
(gmcg)
The club said that directors had been negotiating the first phase of a "complex debt restructuring" of the group's finances with creditors to release extra capital that will keep the club running for the next three months.
"But, if the negotiations referred to above are unsuccessful, the Directors may be forced to seek the protection of an administration order," the statement added.
Leeds United, which owes around £80 million to creditors, is currently languishing at the foot of the Premiership table with only eights points from 13 games.
The club's statement added: "Unfortunately, after a long period of constructive discussions, negotiations have failed to reach a satisfactory conclusion in time to issue a circular and obtain shareholder approval before Christmas.
"As a result, it has been decided not to go ahead with the planned subscription for shares and, contrary to the expectation expressed in the Preliminary Statement, there will be no circular issued to shareholders."
The club said that it would continue "constructive discussions" with principal creditors and proposed investors with a view to providing the Group with "additional working capital and to give it time to implement a more permanent restructuring plan".
According to the club's preliminary statement on October 28, directors planned a share issue to inject £4.4 million in cash from Allan Leighton and ARM Holdings Group Ltd.
The club said that it would deliver a further announcement "as soon as the company is in a position to make one".
(gmcg)
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