Leeds United statement on Thorp Arch...
Leeds United Football Club did not exercise the option to purchase Thorp Arch before the 23:59 deadline on the 15th October.
The club will remain a tenant of Barnaway Limited for the next 20 years under the terms of the current lease. The club's use of Thorp Arch during that period will remain unchanged from our current use.
Discussions continued with Leeds City Council until the deadline, however the Council were not able to provide the club with an unconditional letter of commitment to purchase Thorp Arch and then lease it back to the club. This meant that if the club was to have exercised the option the club would have been at risk of completing the transaction in 28 days time without the guarantee of funding. That was a £6m risk the club was not prepared to make.
It is the club's belief that the conditions that the Council sought to attach to the offer could all have been satisfied before the expiry of the 28 days, however as they were not all in the gift of the club therefore it was decided not to proceed.
The club would like to thank all those involved from the Council, and our solicitors Walker Morris and King Sturge for their efforts in assisting the club in trying to repurchase Thorp Arch.