Richmond's Name Pops Up

Last updated : 27 January 2004 By Kevin Markey
Despite his vehement denial, The Sun reports that they understand he has teamed up with Leeds-born property developer Simon Morris, entrepreneur Melvyn Levy and insolvency expert Gerald Krasner to rescue The Whites.

Richmond saved Bradford from administration, after debts of £36m, before quitting as Valley Parade chairman two years ago.

The Sun also says Richmond plans a similar rescue at Elland Road. The report states that the consortium wants to sell the stadium for £20m to the club’s major American creditors and lease it back at £600k a season.

They also plan to raise £12.5m through a new bond scheme that would see 2,500 season ticket holders shell out £5k each over a fixed period of 25 years.

Richmond is in advanced talks with acting chairman Trevor Birch. Birch, however, has huge reservations about a stadium sale.

Creditors granted the club an extension until Friday to either sell to the consortium, place the club in administration, raise £5m by selling players or get the players to take a wage deferral.