Leighton to go? + latest news on Leeds' future....

By Andy Baggott
December 2 2003

It is anticipated that Leeds vice Chairman Allan Leighton will step down in the next few days, in a move that could open a way up for him to invest in the club.

Under current rules, if Leighton was to invest his share of the £4.4 million quoted at the time of the financial results (possibly in conjunction with the Sheik), it would have to be before an extraordinary general meeting. Again, league rules state that 30 days notice must be given – 30 days that we can ill afford to waste. By stepping down, he would be free to pump in the money as a regular investor. At the moment there are several possible scenarios as to what may happen. Three stand out, one is that Leighton, and possibly other investors re structure the debts. There is talk at the moment that we only have enough money to cover the players wages for the next 3 months. Re structuring the debts is the way that the creditors and the PLC want to go. Scenario 2 is administration. This would see the football club sold off to a buyer, with the money used to pay off the creditors – the administrators will sell whatever they could, but as the transfer window doesn’t open for a month, they may be unable to sell the players. They may decide that the football club with its best players would be a better saleable asset than the club stripped of its star players. They could sell the ground, training academy etc, but a potential buyer could buy the lot. This is the option that many feel is the best way forward, but only if there is buyer lined up – without anyone willing to purchase us, the players would be sold off, and we would pretty much cease to be, which is the third option. Whatever happens, I would expect some news within the next 14 days, one way or another. Certainly Leighton resigning and/or the club put into administration could happen by the end of the week…