Information  X 
Enter a valid email address

Leeds United PLC (LUFC)

  Print      Mail a friend

Monday 15 December, 2003

Leeds United PLC

Directorate Change

Leeds United PLC
15 December 2003


15 December 2003

                               Leeds United plc

                                  Board Change

John McKenzie has today indicated he will not stand for re-election to the board
of Leeds United plc at the Annual General Meeting on 23 December.  He has
determined on this course of action to ensure there will be no possible conflict
of interest were he to represent potential new investors in negotiations with
the club's advisors or creditors during the next few critical weeks. However,
the board wishes to make it clear that media comments regarding the identity and
status of any potential new investor is speculation.

Commenting, Professor John McKenzie, said:

'When I was appointed Chairman of Leeds United plc I made it clear my immediate
tasks were to stabilise the business; to improve our trading position; and to
introduce a strong management team capable of achieving a robust, long term
restructuring package.

'We have cut £20m from our costs on an annualised basis and are now beginning to
trade viably. I have been fortunate to recruit in Neil Robson and, more
recently, Trevor Birch, our Chief Executive, an outstanding management team. I
have also been able to give a number of younger staff within the club the chance
to run parts of the business. Already it is clear that they are responding very
positively to this opportunity.

'It is also essential that we ensure, not only that new funds are available, but
also that the Club is subsequently only in the hands of owners and managers who
care deeply about Leeds United Football Club and who can provide the fans with
the success their tremendous loyalty and support so richly deserves.

'To generate these funds it will be necessary to bring potential new investors
into the club and negotiate on their behalf with the club's advisors and
creditors. To date there have been no substantive discussions with me, but
clearly any possible future involvement in negotiations on behalf of potential
new investors could cause a conflict of interest if I were to remain Chairman of
Leeds United plc.

'Consequently, I have decided that, in order to support the Club and its fans in
the best way I can, I shall not seek re-election to the plc Board at the Annual
General Meeting on 23 December. Rather I shall spend time over the next few
critical weeks seeking to ensure that the best possible levels of funding and
the most appropriate form of ownership is secured to take this great club
forward.'


Enquiries:

Contacts
Trevor Birch            Chief Executive, Leeds United plc     Tel: 0113 367 6000
Holborn                                                       Tel: 020 7929 5599
David Bick                                                    Tel: 07831 381 201
Trevor Phillips                                               Tel: 07889 153 628


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                

a d v e r t i s e m e n t