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UK multimillionaire launches takeover bid for Leeds United

A multimillionaire former Leeds United director on Wednesday launched a ?10 million (US$20 million) bid to take over the stricken club and build a new stadium.

Simon Morris, a 29-year-old property entrepreneur recently named among the top 10 richest people under 30 in Britain with a fortune estimated at ?69 million, has tabled the bid and, if successful, said he would provide a further ?25 million to bring financial stability to Elland Road.

Moreover, Morris' lavish plans involve developing the land around Elland Road and building a new stadium as part of a multi-million pound entertainment complex.

SR Morris Group, who claim to be one of the fastest-growing property companies in the UK, say they plan to invest ?400 million in the scheme.

"Our plans are fully costed and very well financed," Morris said.

"They offer a great future for Leeds United and the club's fans, allowing us to put the troubles of the past behind it. Our scheme would also put Leeds where it belongs -- at the top of the tree in the north of England for entertainment and urban regeneration," he said.

Leeds went into administration with debts of ?35 million on Friday following a winding-up order issued by the Inland Revenue, who are owed ?5 million in unpaid taxes.

The business was, with the administrators' approval, almost immediately bought by a new company, Leeds United Football Club Limited, of which Ken Bates is a listed director.

But the sale is subject to approval by the club's creditors at a meeting later this month and also by the Football League, while SR Morris and other consortia are aiming to ambush Bates' plans to resume control of the club.
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