Leeds look for council loan

Leeds want to buy back Elland Road stadium and their Thorp Arch training complex with the help of a loan from Leeds City Council.

Leeds want to buy back Elland Road stadium and their Thorp Arch training complex with the help of a loan from Leeds City Council.

Club chairman Ken Bates made the reacquisition of both assets one of his main objectives when he took control of Leeds in January 2003. The club hold a buy-back option of around £13m (€19m) on the stadium and £5m (€7.3m) on Thorp Arch.

Both sites were sold to Manchester businessman Jacob Adler in Leeds’ battle to avoid administration before Bates arrived.

Adler later sold Elland Road to Teak Commercial Ltd, a mystery company based in the British Virgin Islands who are currently charging the club £1.15m (€1.7m) annual rent.

Leeds chief executive Shaun Harvey told The Yorkshire Evening Post: “We have approached the council with a request that they assist the club by providing a mortgage so we are able to re-purchase both the stadium and Thorp Arch.

“The mortgage sought from the council would be comfortably covered by security in the form of a charge over the stadium and Thorp Arch and also a personal guarantee from a prominent Leeds businessman.”

Harvey added: “If the club owned the stadium then there would no longer be any mystery as to who owns Elland Road. It would enable the club to play a full part in the redevelopment of the Elland Road area and create income streams to support the club on days other than matchdays.”

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