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THE WAITING GAME
By PAUL DEWS
THE clock was today ticking on the latest takeover bid for Leeds United.
The Elland Road board have demanded proof of the funds from the Trans-Atlantic consortium hoping to seize control with a £25m offer.
And the YEP also understands that the club have been told to clarify the exact source of the funding by legal eagles.
There appears to be a major concern over where the monies are coming from and until the consortium satisfy the United board and the legal team the deal will not go through.
The board discussed the proposal at length again at yesterday's board meeting and, while the offer appears to be too good to turn down in monetary terms, have been advised to hold off making any firm decision.
In principle the offer would be enough to satisfy the current board and the funds would not only ease United's debt problem but would also provide manager Kevin Blackwell with immediate transfer cash.
The consortium, headed by Sebastian Sainsbury, a member of the family which founded the national supermarket chain, have gone on the offensive and stated their intentions should they assume control of the club.
Deposit
Sainsbury claims he was mystified when the United board issued a short statement, insisting: "We have always insisted that any interested party must be able to confirm that the necessary funds are available in order to complete any transaction.
"Despite much press speculation, as we stand now, no party has met our conditions."
That statement is contested by Sainsbury, who insists that his group offered a £500,000 deposit.
The group also includes Amercian based-businessman Burl Sheppard, whose background is in the telecommunications industry. He is described as "hi-tech fundraiser" and he has yet to explain his interest publicly.
In reality a deal was never going to be completed yesterday, despite speculation to the contrary, and Sainsbury is now suggesting that it could be Monday before his group can offer proof of funds.
That time factor may yet prove decisive because United do have other irons in the fire and a ground deal, coupled with further investment from an outside party, could provide the answer to the club's search for capital.
The United board, who maintained a stony silence during their own succesful take over of the club in March, were today refusing to comment further.
THE WAITING GAME
By PAUL DEWS
THE clock was today ticking on the latest takeover bid for Leeds United.
The Elland Road board have demanded proof of the funds from the Trans-Atlantic consortium hoping to seize control with a £25m offer.
And the YEP also understands that the club have been told to clarify the exact source of the funding by legal eagles.
There appears to be a major concern over where the monies are coming from and until the consortium satisfy the United board and the legal team the deal will not go through.
The board discussed the proposal at length again at yesterday's board meeting and, while the offer appears to be too good to turn down in monetary terms, have been advised to hold off making any firm decision.
In principle the offer would be enough to satisfy the current board and the funds would not only ease United's debt problem but would also provide manager Kevin Blackwell with immediate transfer cash.
The consortium, headed by Sebastian Sainsbury, a member of the family which founded the national supermarket chain, have gone on the offensive and stated their intentions should they assume control of the club.
Deposit
Sainsbury claims he was mystified when the United board issued a short statement, insisting: "We have always insisted that any interested party must be able to confirm that the necessary funds are available in order to complete any transaction.
"Despite much press speculation, as we stand now, no party has met our conditions."
That statement is contested by Sainsbury, who insists that his group offered a £500,000 deposit.
The group also includes Amercian based-businessman Burl Sheppard, whose background is in the telecommunications industry. He is described as "hi-tech fundraiser" and he has yet to explain his interest publicly.
In reality a deal was never going to be completed yesterday, despite speculation to the contrary, and Sainsbury is now suggesting that it could be Monday before his group can offer proof of funds.
That time factor may yet prove decisive because United do have other irons in the fire and a ground deal, coupled with further investment from an outside party, could provide the answer to the club's search for capital.
The United board, who maintained a stony silence during their own succesful take over of the club in March, were today refusing to comment further.
