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Bates buys back Leeds
11 Jul 2007 - 16:06:24
The administrators currently running Leeds United have sold the club back to Ken Bates for an undisclosed sum.
The League One club was put up for sale last Friday by administrators KPMG, who also received a joint bid from investment firm Redbus and property developer Simon Morris.
Ex-Hull City owner Adam Pearson is also believed to have made an offer for the club.
Joint administrator Richard Fleming told United's official website: "We received several offers for the business which we considered carefully.
"The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival.
"We understand this has been a difficult time for all those concerned about the future of Leeds United.
"This deal is a necessary step if the club is to have a chance of playing in League One in the 2007-08 season. We wish the club well in its endeavours to secure a transfer of the Football Share."