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Leeds Utd in administration
04 May 2007
Leeds United has had to call in the administrators and will be sold to a newly-formed company led by the club chair, Ken Bates.
The administrators, KPMG, said the company had £35m of debt, which will be effectively wiped out if the deal is approved by the club’s creditors and the Football League next month.
It means that the languishing Championship club will be relegated to League One, as administration results in a 10-point deduction.
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