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LEEDS AIMS TO OFFLOAD PLUMMITING SHARES

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Leeds City Council could see up to£1m wiped off its share values if it decides to offload its remaining interest i...
Leeds City Council could see up to£1m wiped off its share values if it decides to offload its remaining interest in Leeds United.

In 1997, the authority accepted shares worth£2.5m as part-payment of a£10m deal struck in 1997 when it sold the Elland Road stadium back to the football club, the rest being received in cash.

But the share price has since fallen and, although the council did market more than three million shares when the price was over 24p, if it sold at today's prices it would make a loss.

The council wants to give up its financial interest in the club because it could be faced with a conflict of interest when Leeds United applies for planning permission for either a new ground or major improvements at its present home.

The authority is investigating transferring the shares to a nominee account for arm's length management by trustees.
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