Leeds Bankrupt Relegated And Sold Back To Ken Bates

With the likelihood of Leeds escaping the drop to League 1 disappearing faster than Ben Johnson could run a drug fuelled hundred metres Ken Bates and the board made the clever decision to go in to administration.

The penalty for going in to administration is an immediate ten point deduction, which sees United relegated. However before sealing their fate the Leeds board had done their homework. They had investigated the possible outcomes and set up a new company ready to take over the newly administrated Leeds United.

The process saw the club, enter administration, receive the points deduction, get relegated to League 1, and then be sold back to a new company set up by Ken Bates. The good news for Leeds fans is the one day of pain sees the club wipe millions of pounds of debt off their books.

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