Ken Bates has won back control of Leeds United after administrators KPMG announced his consortium had bought the club for an undisclosed sum.
Adam Pearson, the former Hull City chairman, and the SRMorris group had also been in the running to buy the troubled League One side but KPMG decided that Bates’ unconditional offer “represents the best result for creditors”.
Richard Fleming, a joint administrator, said: “We received several offers for the business which we considered carefully. The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival.”
Following the announcement, Mr Bates insisted the club was “in a good position”.
“It’s a sense of achievement and a challenge,” he said. “Leeds were in a mess when we took over - the Peter Ridsdale era and the last board were incompetent.
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“But now we’ve got a clean start and a clean sheet of paper.
“It’s a big club - it’s not at the moment but it will be - and we can take it forward. And part of the reason why we’re going to succeed is because these Leeds fans are absolutely magnificent.
“99% of the letters and e-mails are supporting us and that’s not bad. That’s as good as Saddam Hussein did and he was fiddling the figures.”
However the Football League had warned KPMG that they would not allow Leeds to start life in League One if they were sold without a Company Voluntary Arrangement (CVA) in place - and that uncertainty hangs over Elland Road.
Football League spokesman John Nagle said: “The Football League meet tomorrow and will discuss all matters relating to Leeds United’s administration.”
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Leeds were put up for sale by KPMG last Friday after the Inland Revenue launched a legal challenge to Bates’ original plans to buy back the club from administration.
Bates raised his first offer of paying back creditors from one pence for every pound owed to eight pence per pound and had threatened to sue if another bid succeeded.
Rival bidder Simon Franks - who had teamed up with property developer Simon Morris - admitted he was “gobsmacked” to miss out. “Obviously I’m very disappointed,” Franks said. “It’s been a torturous process and we put together what we thought was a very brave bid. I’m gobsmacked that we appear to have not won the club.”