£18m claims now agreed by Leeds United liquidators

A report by accountancy firm KPMG showed that 231 claims, totalling £18,531,050, have now been agreed.

Another 61 claims worth £4.7m have been rejected, while 23 claims have been agreed as nil.

The club’s administration in 2007 triggered the sale by KPMG to a newly-formed company led by current owner Ken Bates.

The KPMG report, which encompasses the year to February 14, showed that a second interim dividend of two pence in the pound was declared to those unsecured creditors with admitted claims in October 2011, bringing total dividends paid to date to four pence in the pound.

The report said it is not anticipated that any further “significant” dividends will become available to unsecured creditors unless Leeds United achieves promotion to the Premier League before the start of the 2017-18 season.

Under the terms of sale of the business to Leeds United Football Club Ltd, an additional £4.75m will be payable to creditors if the club is promoted in this way, said the report, which added that this had previously been outlined in reports to creditors.

It said it is possible liquidation may need to remain open until that date.

The report said that the joint liquidators have drawn fees totalling £78,000 in the period covered by the report. Since the start of the liquidation they have been paid £390,080. During the period, fees of more than £213,000 have been paid to law firm Walker Morris for legal advice.

As reported in the Yorkshire Post, in the year ending June 30 2011, Leeds United made a profit of £3.5m. Turnover was up by 19 per cent to £32.6m .

Leeds saw the total profit the club has made since exiting administration in 2007 break through the £10m barrier.

United’s figures have been boosted by its return to the Championship, with gate receipts increasing, along with central funding from the Football League.

The club’s figures compare favourably with recent financial trends across English football.

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