Leeds Reduce Debt With Casino Deal - 19/10/2004

Leeds United had cashed in on the nation's gambling boom to reduce their debt by £5m. They have disposed of a disused seven acre site next to Elland Road to Stanley Leisure to build a casino with a hotel, restaurants and designer shops. It is understood that the deal will reduce the total Leeds debt to around £30m. They had already knocked £4m off the total last week with a sale and lease-back arrangement for their Thorp Arch training ground and a similar deal for Elland Road has not been ruled out. Another gambling company, Las Vegas Sands, is planning a £80m development at Sheffield United's Bramall Lane ground. It is also plans a project next to Rangers' ground in Glasgow and is in talks with other clubs. This could become the new money spinner for football.