Leeds to buy back Elland Road?
The Guardian Newspaper are reporting that Leeds United will be buying back the club from the newest owners Teak Trading Corporation. The Virgin Islands based company bought the holding on the stadium back in March but have only recently registered the ownership.
According to director Mark Taylor: 'We are still paying wages for players like Robbie Fowler, Seth Johnson and Michael Duberry. Our financial position changes dramatically when the payments stop; half our wage bill is being spent on players who do not play for the club.'
How on earth do you make deals that involve paying wages for players that haven't been anywhere near us for a considerable amount of time?
A good bit of business to sell and lease back, especially with the long term option to re-purchase the stadium and hopefully this can be sorted out as soon as possible.
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