Bates return sets Leeds back £40m
LEEDS UNITED looked to have been robbed of a £40million windfall yesterday when administrators KPMG decided to allow Ken Bates to resume control of the club.
Bates had claimed his bid was the same 8p in the pound offer he had made when the Inland Revenue threatened to take him to court last week – equivalent to a £2.8m lump sum.
The full amount will be revealed in the creditors’ report in the autumn but the 75-year-old struck a deal with KPMG to keep his bid “undisclosed” for now.
But it is almost certainly much less than the offer on the table from a rival bid led by Simon Franks and former director Simon Morris.
Sources revealed they had offered creditors £11.5m, with a further £5m if the club reached the Premiership and nearly £25m would have been available for signings.
