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FRIDAY TARGET FOR LEEDS TAKEOVER
The consortium led by Sebastian Sainsbury should complete a £25m takeover for Leeds on Friday.
After weeks of negotiation, a joint statement read: "Nova have agreed to transfer £25m into their solicitors' bank account by the end of Thursday and this transaction will be verified at such time by Leeds United's solicitors.
"Provided the funds are verified, Nova confirmed it would complete a deal with the club on or before 1pm on Friday."
Leeds chairman Gerald Krasner said: "The intention of the board is to secure the best possible future for the club and we look forward to completing a successful deal on Friday."
One of Sainsbury's American colleagues, Michael Lucas added: "We are looking forward to completing the contract and working towards Premiership status.
"No further comment will be made by either party or anyone representing either party until either completion or the deadline for completion has passed."
The Leeds board had been seeking proof of funds, a factor that has long been a sticking point in negotiations, with the money understood to be lodged in a United Kingdom bank account.
And Steve Parkin, a life-long Leeds fan who attempted his own takeover earlier this year, has agreed to become a member of the board should a deal be completed and certain factors be met.
Parkin, though, has revealed he will not be the only Yorkshireman on board as he said: "I know they have approached three others, all of whom are well respected businessmen in the Leeds and Yorkshire area."
Parkin does believe Sainsbury's group is genuine and is eager to add his input, though will not be involved in the day-to-day running of the club.
"They invited me for a chat and following that I told them I would accept a seat on the board," Parkin said.
"That is providing they show the financial stability of the club is secure and all the conditions they have said they would put in place are met.
"They do seem genuine, but I have asked for certain information to be forwarded to me, and my involvement will depend on that.
"But for the good of Leeds United, we need stability and we need leadership because it is a sad situation at this club.
"I would like to think this represents a good opportunity for me because I am a massive Leeds fan, as everybody knows, and I have a burning ambition for this club to succeed.
"But I will have no involvement in the running of the club. It is something I cannot do because I am a very busy man and I have a lot of business commitments.
"It was never my intention to be involved in the running of the club when I tried to take it over earlier this year.
"But what I can bring to the party is an entrepreneurial spirit and leadership, which as I say, is something that is required and has been lacking."
Sainsbury, who is to assume the role of chairman when the deal goes through, feels Parkin will add credence to his bid.
"It clarifies the position we have always maintained that we want local people involved in the club," said Sainsbury, the 41-year-old great grandson of the supermarket founder.
"If he [Parkin] does come on board it will be good for the fans because he is local and it takes some of the doubts away about foreigners and Londoners - as some people have referred to us - taking over Leeds United."
Sainsbury, though, is facing a race against time to complete the takeover as the latest instalment on the £15million borrowed from Aston Villa shareholder Jack Petchey to help complete the current board's own buy-out earlier this year is due on Friday.
FRIDAY TARGET FOR LEEDS TAKEOVER
The consortium led by Sebastian Sainsbury should complete a £25m takeover for Leeds on Friday.
After weeks of negotiation, a joint statement read: "Nova have agreed to transfer £25m into their solicitors' bank account by the end of Thursday and this transaction will be verified at such time by Leeds United's solicitors.
"Provided the funds are verified, Nova confirmed it would complete a deal with the club on or before 1pm on Friday."
Leeds chairman Gerald Krasner said: "The intention of the board is to secure the best possible future for the club and we look forward to completing a successful deal on Friday."
One of Sainsbury's American colleagues, Michael Lucas added: "We are looking forward to completing the contract and working towards Premiership status.
"No further comment will be made by either party or anyone representing either party until either completion or the deadline for completion has passed."
The Leeds board had been seeking proof of funds, a factor that has long been a sticking point in negotiations, with the money understood to be lodged in a United Kingdom bank account.
And Steve Parkin, a life-long Leeds fan who attempted his own takeover earlier this year, has agreed to become a member of the board should a deal be completed and certain factors be met.
Parkin, though, has revealed he will not be the only Yorkshireman on board as he said: "I know they have approached three others, all of whom are well respected businessmen in the Leeds and Yorkshire area."
Parkin does believe Sainsbury's group is genuine and is eager to add his input, though will not be involved in the day-to-day running of the club.
"They invited me for a chat and following that I told them I would accept a seat on the board," Parkin said.
"That is providing they show the financial stability of the club is secure and all the conditions they have said they would put in place are met.
"They do seem genuine, but I have asked for certain information to be forwarded to me, and my involvement will depend on that.
"But for the good of Leeds United, we need stability and we need leadership because it is a sad situation at this club.
"I would like to think this represents a good opportunity for me because I am a massive Leeds fan, as everybody knows, and I have a burning ambition for this club to succeed.
"But I will have no involvement in the running of the club. It is something I cannot do because I am a very busy man and I have a lot of business commitments.
"It was never my intention to be involved in the running of the club when I tried to take it over earlier this year.
"But what I can bring to the party is an entrepreneurial spirit and leadership, which as I say, is something that is required and has been lacking."
Sainsbury, who is to assume the role of chairman when the deal goes through, feels Parkin will add credence to his bid.
"It clarifies the position we have always maintained that we want local people involved in the club," said Sainsbury, the 41-year-old great grandson of the supermarket founder.
"If he [Parkin] does come on board it will be good for the fans because he is local and it takes some of the doubts away about foreigners and Londoners - as some people have referred to us - taking over Leeds United."
Sainsbury, though, is facing a race against time to complete the takeover as the latest instalment on the £15million borrowed from Aston Villa shareholder Jack Petchey to help complete the current board's own buy-out earlier this year is due on Friday.