leeds announcement imminent

[Raphael Meade]

leeds have had their shares suspended on the stock market, with an announcement imminent.

they reckon it could be that the buyers have pulled out and their going into admin..

does this mean they'd lose points??

 

[Finchley Seagull]

Not this season. I think that rule only applies from the summer.

 

[albiongirl]

I think they will escape the points deduction but being relegated to Div1 would be harmful to the club in the long run. As I can see players leaving ? Smith.

 

[bhafc99]

Or could it be that the takeover is agreed and going ahead?

 

[Yorkie]

It only applies to Nationwide teams (or Coca cola as they will be known)

 

[Marc]

i read yesterday or wednesday that whoever was putting in a bid had pulled out. dunno how true it was though so dont quote me on that!

 

[marvin]

It only applies to Nationwide teams (or Coca cola as they will be known)

So sadly it will only apply to Leeds, like every other Nationwide (or Coca Cola) team from next season.

 

[Easy 10]

"i read yesterday or wednesday that whoever was putting in a bid had pulled out. dunno how true it was though so dont quote me on that!"

quoted CrabtreeBHA today.

 

[albiongirl]

The deadline for them to make an announcement on the clubs future is 5pm tonight.

 

[Bozza]

There were two consortium negotiating to buy Leeds - only one pulled out yesterday.

So either the other one has secured a deal, or the Leeds' creditors are granting them another (6th, I think) extension or they're going into administration.

 

[Lady Whistledown]

Zzzzzzzzzzzzzz, yet another extension to the deadline I imagine.

This is going on longer than a public enquiry.

 

[Marc]

aahh Bozza thats what I heard then


lol Easy

 

[looney]

If leeds go into admin and stay up they lose points. If they go down and are still in admin they lose points.

The bitch thing is that if they cut being in admin short they escape points losses and they cant sell players untill the end of season cos of the transfer window.

Dont know how likley this scenario is though.

 

[looney]

Correction:
If they go down and are out of admin by then they wont lose points.

 

[marvin]

So has anyone told you why the Leeds Shares have been suspended?

Leeds standstill agreement expires

Leeds United's major creditors have not renewed the 'standstill agreement', which ran out today, but have backed the club in its bid to finalise a takeover deal.

Leeds first announced the formal standstill arrangement on December 4 last year.

A statement to the Stock Exchange read: "The board of Leeds United plc announces that following discussions with its major finance creditors, the existing standstill arrangements that expired at 2pm today have not been formally renewed.

"However, the board confirms that it continues to retain the support of these major finance creditors whilst it seeks to finalise its negotiations with interested parties relating to a long term financial restructuring of the group.

"In view of the fact that the group no longer has a formal standstill arrangement, the board has concluded that it is inappropriate for trading in the company's shares to continue and accordingly has requested that trading in its shares be suspended."

It had been hoped a second Yorkshire-based consortium would enter the race to buy the cash-strapped club, whose gross debts exceed more than £100million.

But, despite stating earlier this week they were hopeful of making an offer, the group - which included former Huddersfield chairman Terry Fisher - instead "reluctantly concluded" they would not be doing so.

It means the consortium represented by insolvency expert Gerald Krasner are now the only currently viable option for Leeds chief executive Trevor Birch and the creditors.

Talks have now been ongoing for more than five weeks between the club, consortium and creditors - bondholders M&G, MetLife and Teachers, player-leasing agents Registered European Football Finance Ltd, the Inland Revenue and Customs & Excise.

Krasner on Thursday confirmed talks "are progressing" and that his group "are still optimistic" a deal will be concluded in due course, although it has since been made clear any takeover will not realise any value for shareholders.

The consortium represented by Krasner issued a statement of their own today in which they insisted they have the club's best interests at heart and dismissing fears that they were looking to acquire Leeds as an asset stripping exercise.

Just in case they ain't.

 

[bhafc99]

Announcement is that the creditors have withdrawn their support for the standstill agreement, but negotiations with consortium continue. Neither one thing nor the other then.

 

[Yorkie]

Leeds in limbo


Leeds United's major creditors have refused to extend the standstill agreement over the club's £80m debt.
But the club claims they are still backing the search for a buyer.