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Leeds United have confirmed that Ken Bates has completed a £10m takeover of the Elland Road club.

The 73-year-old former Chelsea chairman sealed the deal at 0227 GMT on Friday, and has taken a 50% stake in the club.

Outgoing Leeds chairman Gerald Krasner said: "The consortium led by Mr Bates completed the deal this morning.

"This deal ensures the medium to long term survival of the club and I believe Mr Bates' proposals are totally for the benefit of the club."

Bates is expected to reveal his plans for the future at a news conference later today.

Krasner revealed that his consortium has been asked to remain in the background at the club for an undisclosed period to help ensure a smooth hand-over.

Bates stepped down as Chelsea chairman in March last year following Roman Abramovich's £140m takeover at Stamford Bridge.

In May, he made a proposal to invest £10m in Sheffield Wednesday, but this was rejected by the club.

Sebastien Sainsbury had been close to a takeover of Leeds but withdrew his £25m offer last week.

Sainsbury, great grandson of the founder of the supermarket chain, had been trying to buy the cash-strapped club since October.

But his efforts failed after he revealed it would take £40m to stage a takeover, and that the club will also lose £10m over the next six months.

Bates arrives with the club on the brink of administration, potentially within the next three months.

Should Leeds be served with a winding-up order, they would suffer an automatic 10-point deduction by the Football League.

United are 14th in the Championship table on 37 points but the penalty would see them drop to third-bottom and into the relegation zone.


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