Leeds Fans Utd to offer shareholders chance to withdraw funding
On December 21 last year it was announced by Leeds United that the club had agreed "head of terms" with Leeds Fans Utd (LFU) following lengthy discussions.
The move would introduce 'supporter investment to the club', with the group set to receive a number of 'special shares' in return for a injection of cash.
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Hide AdLeeds said the money would be used to help their plans for a new training ground in the city centre and the construction of a sports village around the site of their Elland Road stadium.
LFU is a private limited company which was founded in 2015 and set out to secure fans a voice in the boardroom at Elland Road.
Funding for the project came from Leeds fans who acquired shares in the company, with around 2,000 estimated to have invested.
Plans, though, are yet to be announced and a statement from LFU confirmed that shareholders will now be offered the chance to withdraw their support this summer.
A statement read:
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Hide AdThe plans for the new training facility will be now announced during the club’s centenary year which is later than envisaged.
Given this delay to the launch, LFU has decided to allow any of its shareholders who wish to leave the society this summer the opportunity to do so.
Leeds United chief executive Angus Kinnear said: "The timing on announcing our plans on a world class training facility and community sports hub around Elland Road will be later in our centenary year than anticipated.
"We are working hard with Leeds City Council to realise our vision and mark our hundredth year with an ambitious project that will leave a meaningful legacy well into our next hundred years."
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Hide AdThe Heads of Terms that LFU signed with Leeds United state that shareholders who are part of LFU when the scheme is launched will get at least 100% value for their original investment plus additional benefits of being an initial member.
Those members who choose to remain now will still be able to ask for 90% value of their original investment back when the full conditions upon which the new class of shares can be acquired are announced, should they decide when in full possession of fact that they do not wish to remain a member of LFU and invest in Leeds United.