Leeds Chairman Blames Past Spending
Leeds United chairman Ken Bates has sought to blame the excesses of the last few years as the cause for the clubs slide into administration. Bates has now been confirmed as a director of the new Leeds United and heads the consortium called "Leeds United Football Club Ltd. Uncle Ken then went on to explain how discussions are already underway to seek the investment required to come out of administration.
Bates told the official website via statement: 'The financial burden of the past finally pushed the club into administration following the issuing of a winding up petition by HM Revenue and Customs who will be one of the company's major creditors.
'The action taken brings to an end the financial legacy left by others that we have spent millions of pounds trying to settle but the important thing now is not to view this as the end, but the beginning of a new era.'
'Discussions have already begun aimed at establishing how Leeds United intend exiting administration.
'This will have to include complying with the League's insolvency policy under which all 'football debts' must be settled in full.'
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