Leeds talk with possible investors
LONDON, England -- Leeds United say they are in discussions with potential new owners as they seek to avoid going into financial administration.
The English club, who have debts estimated at $147.5 million, have been given until January 19 by creditors to find a buyer or major investor.
"Leeds United confirms it is in continuing, constructive discussions with a number of parties," the club said in a statement to the London Stock Exchange.
"However none of these interested parties' proposals contemplates an offer for the company's shares."
Leeds shares, which had risen to as high as 8.87 pence in recent weeks amid talk of a bid for the company, were down at 3.37p in mid-morning trade, a drop of 23 percent.
Leeds, whose heavy spending helped them reach the semifinals of the Champions League in 2001, also face a crisis on the field as they are currently second from bottom of the Premier League.
Last month Sheikh Abdul Mubarak Al-Khalifa, a member of Bahrain's royal family and long-standing fan of the club, was reported to be interested in buying the club on behalf of a group of Arabian investors.
Former chairman John McKenzie also quit the club in December after he was linked with a possible bid by Chinese investors.
