Leeds edge closer to a more secure future

Leeds have paved the way for a New Year takeover which should safeguard the future of the club.

The club yesterday reached what they have described as ’a standstill agreement’ with their creditors, with £5.8m (€8.3m) of capital freed up to allow the club to trade until January 19.

United now have until then to seek a potential buyer or significant investor ready to rescue them from the threat of administration, which has been temporarily averted, but still remains.

Significantly, deputy plc chairman Allan Leighton has resigned from the Leeds board, fuelling suggestions he is poised to put together a financial salvation package given United are £78m (€111.3m) in debt.

Whether Leighton will be in direct competition to, or join forces with, Abdulrahman bin Mubarak Al-Khalifa remains to be seen as the sheikh, a member of the Bahrain royal family, has made his interest in buying Leeds known to the club.

Whatever the outcome, Dr Bill Gerrard, a professor of sport management and finance at Leeds University Business School, believes the result will eventually be good news for United.

“The positive element in this is if the creditors – who stand to lose £90m (€128.4m) – are prepared to wait until January 19 they must have a reasonable belief a credible consortium is coming in,” he told Radio Five Live.