Former Bradford city chairman Geoffrey Richmond - who acted as a consultant in the takeover talks for Leeds United - has been declared bankrupt.
Leeds County Court heard how Mr Richmond owes almost £3.3m following the collapse of a business of which he was a director.
His barrister had asked for a 12-week adjournment to recoup some of the debt, but the judge refused.
Mr Richmond's counsel says he intends to appeal to the High Court
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