Bates refuses to panic buy

Image: Ken Bates took control of the Yorkshire club in May to end speculation over its secretive ownership structure

Ken Bates is adamant he will not risk the future of Leeds United by borrowing money to spend in the January transfer market.

The Leeds Chairman rules out borrowing from the bank to fund spending spree on players

Ken Bates is adamant he will not risk the future of Leeds United by borrowing money to spend in the January transfer market. Promotion rivals Reading condemned his side to their seventh defeat of the season at the weekend and leave them on the verge dropping out of the play-off places. But the Leeds chairman insists he will not be pressured into panic buying new players when the transfer window swings open next month. Bates told Yorkshire Radio: "Banks are not lending money for speculative work. They will not give you money to buy players. You can however fund long-term work. "What we're doing now is a long-term investment. We have one of the best-appointed grounds in the league providing the highest quality of facilities for our fans, so when we get into the Premiership we're ready to go and not looking like a building site. "We're one of the most stable clubs in the country. We will not take any risks and we will not spend money that we haven't got in the hope that we will go up."

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