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MYSTERY OF YANKEE BID
United takeover is still up in the air
BY PAUL DEWS
THE takeover saga at Leeds United was today shrouded in mystery and confusion.
The American consortium hoping to seize control of the Elland Road club claim they have documents detailing their proof of funding – but the United board insist they still haven't received the papers.
To add to the confusion, director Melvyn Levi insists he HAS seen proof of the £25m offer – but his fellow directors were today playing down Levi's comments.
A source close to the Elland Road board confirmed that Levi met with Mike Lucas and Sebastien Sainsbury to discuss the deal and that a faxed letter from a lawyer indicates the funding is available. But with chairman Gerald Krasner currently away on
business and Levi now clearly supporting the American bid, the Elland Road boardroom appears to be split.
The one clear fact is that, as of this morning, United's solicitors had still NOT received any proof of funding.
The Americans had claimed the deal would be done today – but it has taken over a week to show any proof of funds and doubts still remain over the validity of the bid.
Sainsbury was today defiant in his belief that a deal is imminent, but he had earlier claimed funds would be shown last week and again on Monday.
Checks
Sainsbury said: "I think the fact Mr Levi says he has seen proof should be enough.
"We have have produced to them the first of a number of
documents showing that we have the funds in place to complete the transaction, and for the balance of any regulatory and security checks to be completed by all parties."
Meanwhile, talks are still ongoing with a second consortium, headed up by Yorkshire-based businessman Norman Stubbs and, the longer the American deal takes to put together the chances of the local bid succeeding will increase.
Any such deal would involve the current board sanctioning a sale and leaseback deal, worth around £10m, for their Elland Road home.
MYSTERY OF YANKEE BID
United takeover is still up in the air
BY PAUL DEWS
THE takeover saga at Leeds United was today shrouded in mystery and confusion.
The American consortium hoping to seize control of the Elland Road club claim they have documents detailing their proof of funding – but the United board insist they still haven't received the papers.
To add to the confusion, director Melvyn Levi insists he HAS seen proof of the £25m offer – but his fellow directors were today playing down Levi's comments.
A source close to the Elland Road board confirmed that Levi met with Mike Lucas and Sebastien Sainsbury to discuss the deal and that a faxed letter from a lawyer indicates the funding is available. But with chairman Gerald Krasner currently away on
business and Levi now clearly supporting the American bid, the Elland Road boardroom appears to be split.
The one clear fact is that, as of this morning, United's solicitors had still NOT received any proof of funding.
The Americans had claimed the deal would be done today – but it has taken over a week to show any proof of funds and doubts still remain over the validity of the bid.
Sainsbury was today defiant in his belief that a deal is imminent, but he had earlier claimed funds would be shown last week and again on Monday.
Checks
Sainsbury said: "I think the fact Mr Levi says he has seen proof should be enough.
"We have have produced to them the first of a number of
documents showing that we have the funds in place to complete the transaction, and for the balance of any regulatory and security checks to be completed by all parties."
Meanwhile, talks are still ongoing with a second consortium, headed up by Yorkshire-based businessman Norman Stubbs and, the longer the American deal takes to put together the chances of the local bid succeeding will increase.
Any such deal would involve the current board sanctioning a sale and leaseback deal, worth around £10m, for their Elland Road home.