Leeds get stay of execution | World Soccer

Creditors at English Premiership strugglers Leeds United have given them another week to find an answer to their financial problems and avoid going into administration.

The club has managed to amass debts of around £80m and the board had been given a deadline of 1700 GMT today to solve the crisis but announced they were in negotiations to extend the deadline yesterday.

In a statement to the Stock Exchange Leeds revealed these negotiations to have been a success.

“The board of Leeds United announces that it has met the financial and other covenants… and as a result the standstill period now extends to 6 February 2004,” the statement read.

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