"At the first fans forum held by the new Board, we warned that difficult times were ahead. Since that date, my Board has succeeded in reducing the debt to under £25 million.
"The fans are aware of recent media speculation relating to the financial situation at the club, some of which had elements of truth and some had not.
"As I have repeatedly said, this Board has worked tirelessly to solve all of the problems at Leeds United. 80% of the problems have already been overcome and in order to move forward I am pleased to inform you that a final agreement has been reached with The Forward Sport Fund, represented by Mr Ken Bates, to secure its ongoing success.
"Before I finally bow out, I would like to pay tribute to the following: Kevin Blackwell and the players for the excellent efforts they have put in this season. I think we truly have the makings of a winning team.
"Also, I would like to thank the staff at Elland Road for the tremendous way they have rallied around as a team to help, despite the painful cutbacks we have had to make.
"To those media contacts I have worked with over this year, who have gone the extra mile to ensure the true story about the club reached the fans, thank you for your support.
"I would like to pay a tribute to all the members of my consortium and the many hours, day and night, that they have tirelessly worked to take the club back on to a more financially viable basis.
"And finally, I wish to thank the wonderful fans of all levels, without whose support we would not have started this venture. This club has true supporters who have come to every game and have made the last twelve months worthwhile.
"I wish Ken and his team the very best of luck for the future and I have agreed to stay and assist in order to ensure a smooth changeover is achieved."