Times Online - Sport
Elland Road to be sold after Leeds takeover deal stalls
By Times Online and PA Sport
Leeds United had fresh hopes of a deal to save its Elland Road ground late on Friday, with reports on Sky Sports News of a one-week extension for £25 million takeover negotiations with the consortium headed by Sebastien Sainsbury.
In a statement, Mr Sainsbury and Nova Financial Partners said: "First and foremost, can I please confirm to all of the fans of Leeds United Football Club that we are proceeding with our proposed takeover of the football club.
"What happened today should be received as part of the story and not the end of the story.
"Having gone through the due diligence that we have in the last few weeks, we totally understand the need - if indeed it has been done - of the current board to sell the stadium and protect the immediate future of the football club.
"We have the necessary resources to achieve the buy back of the Elland Road Stadium - if this is required - considering the buy back is along the lines that have been indicated to us.
"We remain incredibly excited about this opportunity, but it simply became too tall an order to free up and achieve the movement of the amount of funds required as quickly as it was. However, we can now move to a conclusion. Leeds United Football Club will hear from us with a view to completing this deal upon on our having achieved monies into our lawyer’s bank account."
But the Leeds, Gerald Krasner, chairman laughed off suggestions that he has granted a seven-day extension to conclude the deal, describing as "categorically untrue" claims that Mr Sainsbury has another week to buy the club.
Earlier, the club had announced that negotiations for the takeover by the American-backed consortium had ended after a 1pm deadline had passed and that Elland Road was to be sold under a sale and lease back deal. Mr Krasner also revealed that the club's board was in "advanced discussions" with a local consortium.
Leeds called a press conference at Elland Road this afternoon to clarify the latest developments in the Sainsbury takeover saga. A joint announcement by the club and Nova Financial Partners earlier in the week had stated that proof of funding had been established.
Leeds's urgency for completion was prompted by the need to pay back the latest instalment of the loan owed by the current board to Jack Petchey, or trigger a £2million penalty clause.
Mr Krasner said: "Leeds United can confirm that current negotiations for a takeover of the club have ceased with Nova Financial Partners. We can also confirm that today we are in the final stages of completing the sale and lease back of Elland Road."
Mr Krasner, who said the sale of Elland Road should be finalised later today, would not say how much the deal was worth but confirmed that it meant the loan owed by the board to Jack Petchey would be paid off in full.
The Leeds board, fearing that the Nova deal might not go through, have also been in talks with a local consortium believed to be headed by local businessman Norman Stubbs.
Mr Krasner said: "We are in advanced discussions with a local consortium which we hope to finish over the coming weeks."
Elland Road to be sold after Leeds takeover deal stalls
By Times Online and PA Sport
Leeds United had fresh hopes of a deal to save its Elland Road ground late on Friday, with reports on Sky Sports News of a one-week extension for £25 million takeover negotiations with the consortium headed by Sebastien Sainsbury.
In a statement, Mr Sainsbury and Nova Financial Partners said: "First and foremost, can I please confirm to all of the fans of Leeds United Football Club that we are proceeding with our proposed takeover of the football club.
"What happened today should be received as part of the story and not the end of the story.
"Having gone through the due diligence that we have in the last few weeks, we totally understand the need - if indeed it has been done - of the current board to sell the stadium and protect the immediate future of the football club.
"We have the necessary resources to achieve the buy back of the Elland Road Stadium - if this is required - considering the buy back is along the lines that have been indicated to us.
"We remain incredibly excited about this opportunity, but it simply became too tall an order to free up and achieve the movement of the amount of funds required as quickly as it was. However, we can now move to a conclusion. Leeds United Football Club will hear from us with a view to completing this deal upon on our having achieved monies into our lawyer’s bank account."
But the Leeds, Gerald Krasner, chairman laughed off suggestions that he has granted a seven-day extension to conclude the deal, describing as "categorically untrue" claims that Mr Sainsbury has another week to buy the club.
Earlier, the club had announced that negotiations for the takeover by the American-backed consortium had ended after a 1pm deadline had passed and that Elland Road was to be sold under a sale and lease back deal. Mr Krasner also revealed that the club's board was in "advanced discussions" with a local consortium.
Leeds called a press conference at Elland Road this afternoon to clarify the latest developments in the Sainsbury takeover saga. A joint announcement by the club and Nova Financial Partners earlier in the week had stated that proof of funding had been established.
Leeds's urgency for completion was prompted by the need to pay back the latest instalment of the loan owed by the current board to Jack Petchey, or trigger a £2million penalty clause.
Mr Krasner said: "Leeds United can confirm that current negotiations for a takeover of the club have ceased with Nova Financial Partners. We can also confirm that today we are in the final stages of completing the sale and lease back of Elland Road."
Mr Krasner, who said the sale of Elland Road should be finalised later today, would not say how much the deal was worth but confirmed that it meant the loan owed by the board to Jack Petchey would be paid off in full.
The Leeds board, fearing that the Nova deal might not go through, have also been in talks with a local consortium believed to be headed by local businessman Norman Stubbs.
Mr Krasner said: "We are in advanced discussions with a local consortium which we hope to finish over the coming weeks."