Morris Makes Leeds United Bid
Potential new owner Simon Morris tabled a bid on Saturday for Leeds United, offering the clubs creditors 40p in the £1 for the club, vastly improving on Ken Bates' offer of just 1p in the £1.
Morris is believed to have already offered £10m for the club, with a further £25m ready to invest coupled with a re-development plan for Elland Road and the surrounding area.
The statement, posted both online via saveleeds.com and via subscription e-mail read:
'Property developer SR Morris Group, which is bidding to buy Leeds United FC, has today (Saturday) offered creditors 40p-in-the-pound to win their support in the battle to takeover the club.
SR Morris has already tabled £10million to buy Leeds out of administration, topped up with a cash injection of £25million to stabilise the club`s finances. The company has a £400million redevelopment plan for Elland Road that will regenerate a key area of the city.
Creditors are currently being offered 1p-in-the-pound.
SR Morris chairman Simon Morris said: 'We believe creditors will see and understand the value in our offer.
'If we are successful in our bid to buy Leeds United, there will be 20p-in-the-pound for the creditors immediately and a further 20p-in-the-pound for them over a period of time.`
At an administrator`s meeting on Friday a recount was ordered after 75.02 per cent of the creditors voted to accept the 1p-in-the-pound offer.
The recount meeting is scheduled for Monday June 4.'
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