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Last Updated: Monday, 2 July 2007, 16:27 GMT 17:27 UK
Leeds Utd creditors get more cash
Ken Bates
Creditors have voted to sell the club back to Ken Bates
The administrators of Leeds United have persuaded chairman Ken Bates to raise his offer to creditors from a penny in the pound to 8p in the pound.

He previously offered to pay another 30p in the pound if Leeds returned to the Premier League within five years. That has been extended to 10 years.

The offer comes a day before the deadline for anyone to appeal against Mr Bates' deal to buy back the club.

Leeds went into administration at the end of last season.

'Best offer'

Mr Bates regained control of the club earlier this month, when 75.2% of creditors backed his plans to offer them 1p in the 1 of debts owed.

But some creditors including HM Revenue & Customs, owed about 7m, were reported to be unhappy with the deal and considering a legal challenge by the 3 July deadline.

The offer of more money for creditors followed a meeting between Leeds United officials, administrators KPMG and HM Revenue & Customs.

In a statement, the club said the offer was better than other offers reported to have been made, all of which were subject to conditions and due diligence.

Mr Bates' offer is conditional on there being no challenge to the transfer of the football club to his new company.

The Liberal Democrat MP Phil Willis has called for an inquiry into how Mr Bates put the club into administration and then bought it back from the administrators.




SEE ALSO
MP demands inquiry into Leeds Utd
13 Jun 07 |  West Yorkshire
Bates unhappy with Inland Revenue
06 Jun 07 |  Leeds United
Bates promises Wise transfer cash
05 Jun 07 |  Leeds United
Bates regains Leeds Utd control
04 Jun 07 |  Business
Recount for Leeds Utd sale vote
02 Jun 07 |  Leeds United

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