'Leeds is worth the investment'

Leeds chairman Professor John McKenzie has put a value of over £50m (€71m) on the troubled club – but believes the Elland Road outfit is worth investing in.

The club is reported to be £78m (€110.8m) in debt, but has reached a “standstill agreement” with creditors to stave off the immediate threat of administration.

It has until January 19 to either find a buyer for the troubled club or to negotiate and secure a longer-term deal with the creditors, and McKenzie is optimistic the situation will have a positively outcome.

“It might be £50-60m but it is worth it,” said McKenzie. “It is a one-club, very prosperous city which has had very great successful teams and the opportunity is there for development.

“We are now trading at break-even, having managed to cut £20m (€28.4m) out of our costs and I think the opportunity is there and there are certain people who are really interested in a Premiership club.

“My concern is Leeds having a successful team in the future and being properly financed. I think there is an opportunity for someone and there will be some interest.

“It is like when you sell your house, it is a question of what the market will pay at that time, and in this case it is complicated by what deal creditors will do.”

Deputy plc chairman Allan Leighton has resigned from the Leeds board, fuelling suggestions he is poised to put together a financial rescue package.

But may be up against Sheikh Abdulrahman bin Mubarak Al-Khalifa, a member of the Bahrain royal family, who has made his interest in buying Leeds known to the club and is apparently backed by a group of Saudi businessmen.

Although a deadline has been set for January 19, McKenzie is confident that can be extended if a deal was close to being reached with a buyer. He also allayed fears that players such as Alan Smith would be sold.

He told BBC Radio Five’s Sportsweek programme: “If we were near to completing satisfactory negotiations with somebody just before that period I am sure our creditors would extend the time zones, so I am sure it not quite as defined as that.

“Clearly we are talking to a number of people but I don’t think it would be in the interests of the club to say any more than that. I am sure that, in whatever form, Leeds United will be able to go forward.

“Alan Smith is the epitome of what our club is about and if we are not going to slide into mediocrity we have to in some way negotiate a situation whereby we retain someone like Alan Smith – to move someone who represents the club as he does out of the picture would be completely unacceptable.”