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Leeds United request council loan
15/03/2007
Leeds United Football Club are looking for a loan that can help them buy back their ground Elland Road from Caribbean-based firm Teak Commercial.
The club has requested financial help from Leeds City Council to help them utilise their buy-back option, which is approximately £13 million, reports the Yorkshire Evening Post.
Chairman Ken Bates also wants to regain ownership of the Thorp Arch training complex in Wetherby, which is thought to cost a further £5 million, the publication reveals.
Shaun Harvey, chief executive of Leeds United, said: "We have approached the council with a request that they assist the club by providing a mortgage so we are able to re-purchase both the stadium and Thorp Arch.
"The mortgage sought from the council would be comfortably covered by security in the form of a charge over the stadium and Thorp Arch and also a personal guarantee from a prominent Leeds businessman."
He added that the borrowing money via this type of loan would ensure that there was no extra cost incurred by taxpayers.
Mr Harvey also suggested that ownership of the ground and training facilities would allow the club to play a major role in the redevelopment of the Elland Road area.
The club has requested financial help from Leeds City Council to help them utilise their buy-back option, which is approximately £13 million, reports the Yorkshire Evening Post.
Chairman Ken Bates also wants to regain ownership of the Thorp Arch training complex in Wetherby, which is thought to cost a further £5 million, the publication reveals.
Shaun Harvey, chief executive of Leeds United, said: "We have approached the council with a request that they assist the club by providing a mortgage so we are able to re-purchase both the stadium and Thorp Arch.
"The mortgage sought from the council would be comfortably covered by security in the form of a charge over the stadium and Thorp Arch and also a personal guarantee from a prominent Leeds businessman."
He added that the borrowing money via this type of loan would ensure that there was no extra cost incurred by taxpayers.
Mr Harvey also suggested that ownership of the ground and training facilities would allow the club to play a major role in the redevelopment of the Elland Road area.