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Newz Forum: SOCCER: Leeds takeover bid finally concluded

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posted on Mar, 19 2004 @ 02:41 PM
In a deal understood to be worth 22million, Krasner has managed to rid the club of its major creditors and wipe out more than 80million worth of debt.Krasner, an insolvency practitioner and the voice of the consortium since they entered into negotiations two months ago, heads a six-man board which has taken control of Leeds.

The life-long Leeds fan is joined by former United legend Peter Lorimer, who will become a director and responsible for interacting with the media.Under the terms of the agreement with major creditors, Leeds Utd plc and a holding company were placed into administration prior to being wound up.The move allowed the assets and reduced debts to be taken over by Leeds Utd's new holding company Adulant Force Ltd.

Leeds are anchored at the foot of the Premiership table and are battling to avoid the drop into the Nationwide League.But board member Lorimer insisted that relegation would not affect the takeover.Even if Leeds remain in the Premier League, fans can expect to see Mark Viduka, Leeds' highest wage-earner on 65,000 per week, Paul Robinson and potentially Alan Smith leave in the close season.Regardless of where Leeds play next season, the new board is thought to be keen to try and tempt former Southampton boss Gordon Strachan out of retirement.In that event, current caretaker manager Eddie Gray would be found a role within the club as a reward for his work during the club's difficult period.

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