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Last Updated: Saturday, 5 May 2007, 09:42 GMT 10:42 UK
Bates calls for Leeds investment
Leeds United chairman Ken Bates
Bates blamed the club's previous regimes on their predicament
Leeds chairman Ken Bates has called for potential investors in the relegated club to come forward.

Leeds dropped into League One on Friday after entering administration, although Bates immediately formed a new company to buy back the club again.

He said: "We welcome serious investors to make this club financially strong so we can get back into the Premiership."

Former chairman Gerald Krasner told BBC Five Live at least seven interested parties were keen to speak to Leeds.

Krasner, who sold the club to Bates in January 2005, said the interested parties had not come forward until now because they wanted to open talks with the administrators rather than the club.

To avoid time-wasters we have always required proof of funds first, whereupon they often disappear

Ken Bates

"I find it surprising how quickly the club has been bought back because nobody else has had time to speak with them," said Krasner.

"It would be interesting to hear if they have spoken directly to other interested parties.

"My understanding is that there were seven other so-called consortiums waiting for this to happen so they could then speak to the administrator to make an offer."

Bates says Leeds have been searching for a cash injection for over two years but have not been made a serious offer.

"Since January 2005 we have sought additional investment and have followed up every approach received," added Bates.

"However, we have refused to deal with unnamed consortiums represented by third parties, if indeed they ever existed.

"To avoid time-wasters we have always required proof of funds first, whereupon they often disappear."

The move to go into administration and subsequent purchase wipes out a substantial chunk of Leeds' 35m debt and leaves Bates and his Swiss backers, Forward Sports Fund, in charge of the club and remaining assets.

SEE ALSO
Relegated Leeds in administration
04 May 07 |  Leeds United
The demise of Leeds United
04 May 07 |  Leeds United
Leeds Utd call in administrators
04 May 07 |  Business
Fans group plots to buy Leeds Utd
04 May 07 |  Leeds United
Bates buoyed by support for Leeds
30 Apr 07 |  Leeds United


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