New consortium take Leeds 'off life support'

"WE'RE off life support" was how new Leeds chairman Gerald Krasner today described the club that appear to have found a new lease of life.

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.