Leeds United will not, as some supporters had feared, be forced to sell their Elland Road ground.
There were concerns that the stadium was set to be knocked down, with a supermarket built in its place as part of the cost-cutting measures to be implemented by the new board following Friday’s takeover by a Leeds-based consortium.
But new chairman Gerald Krasner said: “Elland Road will continue to be the home of Leeds United Football Club as long as I am chairman.”
“This club was facing insolvency, this club was facing extinction,” said Krasner.
Fellow board member Peter Lorimer apologised to fans for the difficulties faced as a result of the growing debts.
“Their loyalty is amazing,” said Lorimer.
“And we must also apologise to the shareholders, who will have lost a lot of money. I’m looking forward to trying to build some broken bridges.”
“This is a football club which has been guilty of gross mismanagement,’ added Lorimer.
“It’s amazing how quickly this team became a laughing stock. They have been in bottom three for most of season and were almost bankrupt.”