McKenzie quits as Leeds chairman
LONDON, England -- Leeds United chairman John McKenzie is quitting the post to avoid a possible conflict of interest in negotiations with potential investors.
The struggling Premier League club are currently $139 million in debt and need to attract new investment by January 19 to avoid bankruptcy.
McKenzie, a professor of economics, has been linked with a rumored takeover bid by a Chinese consortium.
Leeds announced on Monday that McKenzie, who replaced Peter Ridsdale in March, would not stand for re-election at the club's annual general meeting on December 23.
"He has determined on this course of action to ensure there will be no possible conflict of interest were he to represent potential new investors in negotiations with the club's advisors or creditors during the next few critical weeks," the club said in a statement to the London Stock Exchange.
"However, the board wishes to make it clear that media comments regarding the identity and status of any potential new investor is speculation."
McKenzie said: "It is essential that we ensure, not only that new funds are available, but also that the club is subsequently only in the hands of owners and managers who care deeply about Leeds United and who can provide the fans with the success their tremendous loyalty and support so richly deserves.
"To generate these funds it will be necessary to bring potential new investors into the club and negotiate on their behalf with the club's advisors and creditors."
