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Last Updated: Tuesday, 10 July 2007, 12:10 GMT 13:10 UK
Leeds ownership decision on hold
Leeds United
Administrators have delayed their decision on who will take control of cash-strapped Leeds.

The club was put up for sale on Friday by administrators KPMG, who are looking at the offers submitted on Monday.

Leeds chairman Ken Bates has an offer on the table, while investment firm Redbus and property developer Simon Morris have submitted a joint bid.

KPMG's Richard Fleming said: "We are evaluating the expressions of interest and will make a further announcement."

Ex-Hull owner Adam Pearson is also believed to have put in a bid before the deadline of 1700 BST on Monday, which was set by the administrators.

Redbus chairman Simon Franks told BBC Radio Leeds: "The risks are huge and that's why so few people have bid.

"I think that Simon Morris has come to the same conclusion.

"We had a very frank conversation and I told him my reservations that we knew we were utterly committed to the club going forward and I wanted to hear that from him.

"And I have to say he is utterly committed to getting Leeds United back into top flight football."

Bates plans to take legal action if the club is sold to a rival bidder.

He re-submitted his offer after a legal challenge was made by HM Revenue and Customs (HMRC) over his original takeover plans.

The 75-year-old said: "Our bid is the original deal that was done in the meeting of creditors when we placed the Company Voluntary Agreement (CVA) on1 June.

606: DEBATE

"We have amended it twice to try to meet the Inland Revenue's objections and now we have withdrawn the conditionality of it, so it's now unconditional.

"We believe in fact our offer is valid. Therefore it should be the only one to be accepted."

Leeds have debts of 35m, including the money owed to HMRC in unpaid taxes, and Bates had proposed to take the club out of administration by repaying creditors eight pence in every pound that it owed.

Franks claims only Bates has been allowed full access to the club's accounts in recent months.

"I'm furious. This is utterly prejudicial. We have to reduce our bids because of the 'known unknowns'. Mr Bates doesn't have to," said Franks.

"We don't know what we are bidding for."

Pearson, who left Hull in June after selling the club to a consortium fronted by Paul Duffen for 10m, is expected to make a formal approach along with Internet guru Peter Wilkinson.

Duncan Revie, son of former Leeds manager Don, has also previously declared an interest in buying the Yorkshire club.

SEE ALSO
Wise could receive transfer boost
07 Jul 07 |  Leeds United
Debt-ridden Leeds put up for sale
06 Jul 07 |  Business
Ex-Hull chief denies Leeds link
12 Jun 07 |  Leeds United
Rival suitor eyes Leeds Utd bid
04 Jul 07 |  Business


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