Leeds saved after takeover

Weeks of negotiations
The English Premiership club's website confirmed that an eight-figure deal had been agreed following seven weeks of negotiations. The consortium, Adulant Force Limited, now owns the club's Elland Road stadium and Thorp Arch training ground.

Six-man consortium
Leading the six-man consortium, who paid creditors around €30m, is new Leeds chairman Gerald Krasner, head of an accountancy company. Also involved is Peter Lorimer, a former Leeds player from the Yorkshire team's most successful era in the late 1960s and early 70s. Lorimer said today: "The new board want to get the club up and running again and have some happy times at Elland Road."

Agreement with creditors
Under the terms of the agreement with major creditors, who accepted around one-fifth of the money owed them, Leeds Utd plc and a holding company were placed into administration prior to being wound up. The move allowed the assets and reduced debts to be taken over by Adulant Force Ltd.

High point
Leeds, who are bottom of the Premiership, acquired debts of around €120m during the ambitious reign of former chairman Peter Ridsdale, the high point of which was their run to the UEFA Champions League semi-finals in 2001. They were facing administration had they not found a buyer or investor.