They may have been knocked out of the FA Cup by non-league Histon, but the financial position at Leeds United is looking a whole lot brighter. In May 2007 the club owned £35m to a variety of creditors, entered administration and were awarded a ten-point penalty that effectively relegated them to League One. Owner Ken Bates then persuaded the administrators to sell the club to a new company owned by Ken Bates.
They may have been knocked out of the FA Cup by non-league Histon, but the financial position at Leeds United is looking a whole lot brighter. In May 2007 the club owned £35m to a variety of creditors, entered administration and were awarded a ten-point penalty that effectively relegated them to League One. Owner Ken Bates then persuaded the administrators to sell the club to a new company owned by Ken Bates. Eventually Leeds had to accept a 15 point penalty in League 1, although as a Football League spokesman commented at the time, ‘People don’t get their debts paid and that’s not good.’ Last week Leeds announced that they have made a substantial £4m profit in the 14 months to 30 June. This is certainly a considerable recovery, although the club enjoys a large support base reflecting the size of the city and its successful days in the top flight.