Leeds are given an extra four days
LEEDS, England (Reuters) -- Debt-laden Leeds have been given four more days to solve a financial crisis that may end with a takeover by local businessmen.
The Premier League club's plc board announced on Monday that "the standstill period with the company's principal finance creditors has today been extended to 5pm on 30 January 2004."
Under a previous agreement Leeds, more than 80 million pounds ($146m) in debt, had to unveil a rescue plan by midnight Monday to avoid financial administration.
A 20 million-pound ($36.8m) offer for Leeds has been put together by a consortium of four Yorkshire-based businessmen, newspapers reported.
The Leeds website said earlier the club, bottom of English soccer's 20-team top division, had confirmed it was in talks about a takeover and "constructive talks are continuing."
"As previously announced, the standstill agreement also provides for a further extension to February 6, 2004, conditional on achievement of certain financial and other covenants," the Leeds statement said.
Champions League semifinalists in 2001, Leeds made losses of 49.5 million in the year to June 2003 after buying a stream of top players in an attempt to cement its place among the European game's elite.
Nearly 90 percent of the 2002-03 turnover of 64 million was spent on players' wages.
Following a slump in its share price, the club's market capitalisation is now under 15 million -- half the fee it received for England defender Rio Ferdinand from Manchester United in 2002.
