Saga Concluded At Last
But the never-ending saga at Elland Road appears to have concluded after the Inland Revenue decided not to pursue the matter, despite being unhappy about the way the club was eventually sold back to Ken Bates.
To re-cap, Bates put Leeds in administration with debts of around £35m on May 4, with the Inland Revenue owed £7.7m.
KPMG sold the club straight away to a new company headed by Bates, but his original 1p-in-the pound offer to pay off creditors, announced at a heated company voluntary arrangement (CVA) meeting, was legally challenged by the Inland Revenue.
The administrators responded by putting the club back on the market and agreed to sell it back to Bates again outside the CVA, securing a better 11p-in-the-pound deal for creditors.