One-Week Extension Granted

Last updated : 19 January 2004 By Kevin Markey

Acting chairman Trevor Birch made a statement to the Stock Exchange today confirming a week-long extension had been agreed with creditors.

Birch revealed the week-long extension to their 'standstill agreement' with the principal creditors who are owed a combined £82m.

Birch now seems certain to turn to the club's players 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 £5m required 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 6th, but only if certain financial conditions are met.

The statement read: "The Board of Leeds United PLC announces that the company's principal finance creditors have 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."