Statement issued on behalf of the Leeds RUFC Board of Directors
Leeds RUFC Ltd, trading as Yorkshire Carnegie, have today proposed a Company Voluntary Agreement with its creditors and Begbies Traynor in Leeds have been appointed to act as joint nominees and supervisors.
Directors of Leeds RUFC and its holding company Yorkshire Tykes Limited, whose consortium of investors have supported the clubs since 2014, have worked hard to replace the significant loss of funding support but no new investors have been found.
The proposed CVA will be achieved following a lump sum contribution from Yorkshire Tykes Ltd which will enable a dividend to be paid to unsecured creditors.
A new operational, break even plan for the 2019-20 season has been presented to the RFU with the Yorkshire Carnegie club continuing to stage matches at Emerald Headingley Stadium and the team operating from the Leeds Rugby facilities at Kirkstall.
The Board hope creditors will continue to support the club and approve the CVA to ensure Yorkshire Carnegie continue to operate in the Championship in 2019-20 and beyond.