THEY'RE GOING DOWN (DEFINITELY)
Leeds' acting-chairman Trevor Birch has today been given just another seven days to find the funds which will prevent the club falling into the hands of administrators. In a statement to the Stock Exchange, Birch revealed the weeklong extension to their 'standstill agreement' with the principal creditors who are owed a combined £82million.
Birch now seems certain to turn to the club's highly-paid stars and ask them to defer a portion of their wages - likely to be around 30% - until the end of the season, which would provide Leeds with the £5million needed to see them through the next four months.
Birch has also managed to agree the possibility of a further two-week extension up to February 6, however, that will only be allowed on certain financial conditions being met.
The statement to the Stock Exchange tonight read:
"The Board of Leeds United PLC announces that the company's principal finance creditors have today agreed to extend the standstill period (announced on 4 December 2003) by a week, to midnight on 26 January 2004. This agreement also provides for a further two-week extension to 6 February 2004, conditional on achievement of certain financial and other covenants."
The crux to Leeds' problem is their plight at the foot of the Barclaycard Premiership, for Leeds have slipped a place in the intervening period and are now closer to being relegated to the Nationwide League. With potential investors uncertain as to which division Leeds will be playing in next season, bearing in mind the £20-25million loss that comes with dropping out of the Premier League, it is unsurprising they are unable to attract a buyer.