Ken Bates has victoriously won back his position as chairman for Leeds United, and has made arrangements with the clubs creditors to start settling their outstanding debt.

It has not been disclosed how much Mr Bates has agreed to repay of the debt, but his earlier offers of 1p in every pound and 8p in every pound were rejected by HM Revenue & Customs (HMRC), who would have only received £77,000 of the massive £7.7 million that the club owe them in unpaid taxes.

As a result, the club was sold in a bid to find someone who was prepared to make substantial repayments to reduce the inflated debt which has left the club so depleted over the past few years.

The administrators received several proposals for the purchase of the club but decided that Ken Bates had made the most appropriate offer, which would favour the club’s various creditors.

Ken Bates is no stranger to Leeds United’s relationship with debt. He initially bought a 50% claim in the company back in January 2005 when the club was immersed in debt, as a result of heavy spending during 2000 and 2002 to recruit new players. Ken was never able to bring the club out of the red and further debt just added to the agony. As a result, the club went into administration and were relegated to League One.

It is not known the exact price that Mr Bates has agreed to offer HMRC or his other creditors but if HMRC do not withdraw their appeal, the future of the club will be a rocky one.

For the moment, there may be a glimmer of hope for a team who desperately want to play football and not fight debt.

If you've got debt problems, get help before it reaches this stage. For large debts over £15,000, you may be eligible for an IVA and be able to write off some of your debt - without becoming bankrupt.