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Post by apb1979 on Feb 27, 2004 16:48:55 GMT
Couldnt happen to a nicer team.
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Post by lurcherthelurker on Feb 27, 2004 16:49:45 GMT
About bloody time as well ;D
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Post by no1stokie on Feb 27, 2004 16:55:16 GMT
How long do we reckon untill they mathematicalally can't avoid relagation?
I reckon about a month or two!
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Post by POS51 on Feb 27, 2004 16:56:33 GMT
Cant find any concrete news ??? but i found this, so read and decide for your self, looks like its true though! ;D
LONDON (Reuters) - Heavily indebted soccer club Leeds United has suspended trading in its shares, raising fears that it has failed to persuade its creditors to give it more time to fix its finances.
The club said on Friday it had asked for the trading halt, pending a statement on its financial position later in the day when a deadline with creditors is due to expire.
Leeds LUFC.L has managed to get the deadline extended several times in the past two months.
Failure to get another extension could force the beleaguered club to seek protection from its creditors and to become the first Premiership club to go into administration.
Leeds, now at the bottom of the premier league, is labouring under debts of about 80 million pounds brought about by a player-buying spree and faces relegation from English soccer's lucrative top division.
The club made a loss of 49.5 million pounds in the year to June 2003 and has been struggling to find a buyer. Talks with prospective bidders have so far failed to produce a deal.
One of two consortia looking at Leeds dropped out of the bidding on Thursday and a representative of the other, Gerald Krasner, declined to comment before the club had made an official statement.
Bill Gerrard, professor of sports management and finance at Leeds University Business School, said the suspension raised concerns that creditors had declined to give the club more breathing room.
"All the sources were expecting a rollover of the standstill. That clearly hasn't happened and there's a great deal of concern," he told Reuters.
A share trader agreed: "It (the suspension) is pending financial clarification, which isn't good news."
Shares in the club, a Champions League semi-finalist in 2001, last traded at 2.75 pence, giving it a market value around 9.5 million pounds.
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Post by Deleted on Feb 27, 2004 16:59:27 GMT
Their shares have been suspended on the stock exchange,but that's stock exchange rules as today is the day they have to give notice to their creditors that
A) A takeover bid had been sorted out
B)Have moved into admin
C)Come to an agreement with their Creditors for a further stay of execution.
As far I understand they've still yet to announce which option,it remains to be seen if one of the consortiums withdrawing their bid yesterday was because a stonger bid had been put together by the other party,or because the chances of rescue are remote without moving into admin first
Though Bradford have moved into admin today,2nd time in two years
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Post by lurcherthelurker on Feb 27, 2004 17:00:36 GMT
I saw on sky sports that shares had been suspended and a press statement would be made later in the day, and this was my first assumption as well. Fooking good job if you ask me, they have been trying to put if off for 3 months now, so only right they admit defeat, trouble is the poor old creditors go without again and they will come out of it better off.
now where has that happened before?
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Post by Vodkab1ock on Feb 27, 2004 17:01:40 GMT
maybe they realised they were down and thought if they went in to admin this season then by next year they wont have to go in to admin and get penalised by the league. me and a guy from work had a discussion on it a while back because i think if they went in now and came out b4 the firt game next season they wont get deducted points. quite clever really
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Post by apb1979 on Feb 27, 2004 17:03:55 GMT
The creditors have turned down the request of the extension so its either option a or b. I think its option b they have to go into Administration
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Post by POS51 on Feb 27, 2004 17:20:54 GMT
There is an announcement scheduled at 5pm, aint heard nothing yet. Looks like we'll have to wait and see.
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Post by BristolMick on Feb 27, 2004 17:41:13 GMT
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Post by Deleted on Feb 27, 2004 18:59:39 GMT
Leeds badge always reminds me of a trilobite,which are extinct, with luck Leeds will follow suit
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Post by kajshdfsiuf on Feb 27, 2004 20:25:29 GMT
That'd mean arseole would be the last remaining team to win the league b4 the premiership came, meaning glory-hunters hav summat else to brag about
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Post by JoeinOz on Feb 28, 2004 0:22:06 GMT
This Leeds situations been dragging on for months. How many more deadlines are they going to have? Amazing they didn't sell anyone during the transfer window. They might as well bite the bullet and call in the administrators.
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