Guardian Unlimited Football | News | Sainsbury moves closer to Leeds deal
Sainsbury moves closer to Leeds deal
Owen Gibson
Wednesday November 10, 2004
The Guardian
The Leeds United takeover saga moved closer to resolution yesterday as the US consortium fronted by Sebastian Sainsbury proved to the club's board that they had the money to complete the £25m deal.
After two weeks of claim and counter-claim, proof of funding was delivered to the board late on Monday night via HSBC, raising the possibility of a deal before the end of the week.
Leeds's chairman Gerald Krasner said yesterday: "Sufficient documentation has been received that we can now progress forward."
Michael Lucas, chairman of the Nova Financial Partners group hoping to buy the club, has spent the past fortnight in Leeds trying to close the deal. His partners Burl Sheppard and Bradley Ray are expected in the city tomorrow in the hope of tying it up by Friday.
A joint statement released by Nova and the club last night 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."
Krasner added: "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."
The prospective new owners have begun recruiting prominent local businessmen to join them if their bid succeeds. The haulage magnate Steve Parkin, who failed with a £20m bid, yesterday confirmed he would accept a board seat if the takeover went ahead. "I am a massive Leeds fan, as everybody knows, and I have a burning ambition for this club to succeed," he said.
Sainsbury, who will become chairman, said his appointment and that of local businessmen would help allay suspicions of a "Malcolm Glazer-style US takeover".
Sainsbury moves closer to Leeds deal
Owen Gibson
Wednesday November 10, 2004
The Guardian
The Leeds United takeover saga moved closer to resolution yesterday as the US consortium fronted by Sebastian Sainsbury proved to the club's board that they had the money to complete the £25m deal.
After two weeks of claim and counter-claim, proof of funding was delivered to the board late on Monday night via HSBC, raising the possibility of a deal before the end of the week.
Leeds's chairman Gerald Krasner said yesterday: "Sufficient documentation has been received that we can now progress forward."
Michael Lucas, chairman of the Nova Financial Partners group hoping to buy the club, has spent the past fortnight in Leeds trying to close the deal. His partners Burl Sheppard and Bradley Ray are expected in the city tomorrow in the hope of tying it up by Friday.
A joint statement released by Nova and the club last night 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."
Krasner added: "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."
The prospective new owners have begun recruiting prominent local businessmen to join them if their bid succeeds. The haulage magnate Steve Parkin, who failed with a £20m bid, yesterday confirmed he would accept a board seat if the takeover went ahead. "I am a massive Leeds fan, as everybody knows, and I have a burning ambition for this club to succeed," he said.
Sainsbury, who will become chairman, said his appointment and that of local businessmen would help allay suspicions of a "Malcolm Glazer-style US takeover".