Fans and employees of Leeds United FC can breathe a sigh of relief as sports lawyers from DLA completed the sale of the club to Adulant Force Ltd (Adulant), a consortium of local businessmen created specifically for the purpose.
DLA was appointed to advise Leeds United PLC and its associated group of companies including Leeds United AFC Limited in May 2003 following a turbulent period for the club. However, after months of extensive planning, marketing and negotiating with interested parties and key creditors by the Board, the long-term future of the club was secured. The entire share capital of Leeds United AFC Ltd, together with the Elland Road stadium and Thorp Arch training facilities has been sold, avoiding being placed into administration.
Leeds partner Richard Obank at DLA led the negotiations assisted by Benjamin Whitworth, Sian Jones, Kath Jeffreys, Abigail Hadfield, Alex Clements and Jim Phillipson.
Ernst & Young and The P&A Partnership were Administrators for Leeds United FC.
Commenting on the deal Richard Obank said:
“This is a day to be very pleased for Leeds United. The last few months have been a very turbulent period for the business, players and fans alike. We at DLA wish the club every success for the future and we are proud to have played our part in the rescue process led by Trevor Birch and Neil Robson.”
Only last year Richard Obank and a team of lawyers from DLA’s burgeoning sports practice advised Deloitte and Touche on the sale of Leicester City FC to the Gary Lineker-led consortium and the administration of Ipswich Town FC.