Lineker group recives tax break
The Gary Lineker-led consortium bidding to take over Leicester City Football Club today accepted a deal with the Inland Revenue preventing the embattled club being hit by a giant tax bill.
Recent reports suggested that a large one-off bill could scupper the bid to rescue the embattled First Division club.
But the Revenue today offered a package which would see the consortium pay over an extended period – and greater success on the field could bring higher payments.
The Inland Revenue is one of the major creditors of the Foxes, who are currently in administration.
Sources close to the negotiations said the deal had been accepted and a new Board of Directors would be appointed at Leicester on Monday.
It is understood that the deal involves the club making 10% payments for the rest of this year and 15% payments next year.
If the club is promoted to the Premiership the payments would be increased.
Leicester East MP Keith Vaz contacted the Revenue and the Paymaster General Dawn Primarolo in connection with the deal.
He said: “I am absolutely delighted with the decision taken by the Inland Revenue.
“This really is a good Christmas present to the Foxes and it will, I hope, remove an obstacle to the proposals being finally agreed.”
On Saturday administrators Deloitte & Touche provisionally accepted a bid from the group headed by former Leicester and England striker Lineker.
Another bid by ex-City director Gilbert Kinch fell by the wayside after the administrators said they had no evidence to suggest the offer was viable.
