Leeds United's creditors extend standstill agreement

By Jeff Pines

Washington, Feb. 6 - Leeds United plc said its major creditors extended their standstill agreement until Feb. 13.

The board does not believe there will be any realization of value for shareholders for the offers being discussed, according to information made public by the company.

Leeds United and the creditors entered the standstill agreement in December to give the professional British football team time to restructure or find investors interested in making a major investment.

In January, the board confirmed it was holding "continuing, constructive discussions with a number of parties regarding proposals to buy the company's business and assets or to inject funds."

The company's management said it believes it's critical to the club's future for it to remain in the Premier League to attract the best players. However, with the company in financial straits top talent may not be interested in playing for Leeds.

Selling players' contracts would be the club's last option, said Trevor Branch, Leeds United's chief executive.

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