Leeds consortium clinch takeover

Leeds are today in the hands of new owners after a Yorkshire-based consortium completed a multi-million takeover of the cash-strapped club.

The deal brings to an end three months of uncertainty since Leeds announced a financial standstill arrangement with their major creditors, and two months of detailed negotiations involving hundreds of lawyers.

Gerald Krasner, an insolvency practitioner with chartered accountants Bartfields and who has been the consortium’s representative over the last few weeks, has been named as Leeds’ new chairman.

Krasner will head up a six-man board which includes former Leeds legend Peter Lorimer, who will become a director and be responsible for interacting with the media.

Other names include property developers Simon Morris and Melvyn Helme, the latter to be corporate finance director as he was a former NatWest bank high-flier, entrepreneur Melvyn Levi and David Richmond, son of former Bradford chairman Geoffrey who has been acting as an unpaid advisor.

To facilitate the deal, administrators have been appointed to Leeds United plc and a subsidiary company, Leeds United Holdings Ltd.

The necessary move is part of the takeover for it has been made clear administrators have not been appointed to the football club or any other company within the Leeds United group.

The consortium have long pointed out their takeover realises no value to shareholders, resulting in the plc effectively being wound up.