Leeds granted four-day financial reprieve

Debt-laden Leeds United has been given four more days to solve its financial crisis which may end with a takeover by local businessmen…

Debt-laden Leeds United has been given four more days to solve its financial crisis which may end with a takeover by local businessmen.

"The board of Leeds United plc announces that the standstill period with the company's principal finance creditors has today been extended to 5 p.m. on 30th January 2004," the premier league club told the London stock exchange today.

Under a previous agreement Leeds, more than £80million in debt, had to announce a rescue plan by midnight tonight to avoid financial administration, a form of creditor protection.

A £20million offer for Leeds has been put together by a consortium of four Yorkshire-based businessmen, the Sunday Times and Sunday Mirror reported.

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The Leeds website said earlier the club, bottom of English soccer's 20-team top division, had confirmed it was in talks about a takeover and "constructive talks are continuing".

"As previously announced, the standstill agreement also provides for a further extension to February 6th, 2004, conditional on achievement of certain financial and other covenants," the Leeds statement said.