Buy-out deal sees Bates look to Leeds’ future

LEEDS chairman Ken Bates confirmed his reputation as football’s wheeler-dealer supreme yesterday by putting the club into administration and immediately forming a new company to buy it back again.

The move, for an undisclosed fee, wipes out a substantial chunk of Leeds’ £35million (€51.3m) debt and leaves Bates and his Swiss backers Forward Sports Fund in charge of the club and remaining assets.

The Football League have imposed the statutory 10-point deduction for going into administration which confirms Leeds’ relegation to League One, but with the club all-but demoted anyway it means they will start next season with a clean slate.