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Post by mattmightsay on Dec 5, 2003 4:18:42 GMT -5
Leeds United have signed an agreement with their creditors that has averted the immediate threat of administration. The Premiership's bottom club now has until 19 January to seek a potential buyer for the club or a significant investor. Leeds have also confirmed that an approach has been made by "a company associated with Sheikh Abdulrahman Bin Mubarak Al Khalifa" while deputy plc chairman Allan Leighton has resigned. "I am pleased to announce, on behalf of Leeds United plc, that we have now agreed the first stage of a financial restructuring programme," confirmed the club's chairman Professor John McKenzie. Leeds currently have debts of £78million and revealed last week that there was a real possibility that they could enter administration.
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