Chelsea's Former Ken Bates takes over Leeds United!

Ken Bates completed a £10million takeover of Leeds United today to lift the threat of administration at the crisis-hit Championship club.

Bates, who will succeed Gerald Krasner as chairman, is expected to unveil his plans to take the club forward at an Elland Road press conference.

Leeds, who were £25million in debt before the takeover, were believed to be on the brink of administration and the 10-point penalty that would have gone with it would have plunged the club into the relegation zone.

The 73-year-old former Chelsea chairman is heading a £10m consortium reported to be based in Geneva.