Yorkshire Post Today: News, Sport, Jobs, Property, Cars, Entertainments & More
Parkin back in takeover deal at UnitedExclusive
Richard Sutcliffe
Haulier set for place on Elland Road board
STEVE PARKIN, the Brighouse-based haulier who failed in a bid to buy Leeds United in the summer, will join the club's board if a planned £25m takeover by a British-American consortium gets the go-ahead, the Yorkshire Post can reveal.
Nova Financial Partners president Michael Lucas last night met the current United directors to finally deliver proof of funds from a London bank and it is understood Parkin, who was seen deep in discussion with the American yesterday, will have a major role to play in the future.
Parkin, who led two attempts to buy the club at the tail end of last season, will become an executive member of a new United board to be headed by Sebastien Sainsbury.
The club's solicitors are now examining the documentation from HSBC Bank, which says the money is available to complete the deal with Adulant Force, the holding company set up by the current directors when they took control of Elland Road.
Sainsbury, 41, spent yesterday in London securing the necessary documentation. He said: "The documents show the money is sitting in a London bank and waiting to be verified by the lawyers of Leeds United. The contact details have also been given to help with that verification.
"We are confident that even the current board can have no problems with this proof of funding. Every effort is being made to complete the deal by the end of this week.
"We are keen on getting down to the job of helping Leeds United get back to where they belong."
The consortium felt they had provided adequate proof of funds last Friday with documents from a firm of lawyers in Canada but these were rejected by the Elland Road board.
Club spokesman Bryan Morris said: "Michael Lucas came to Elland Road yesterday and he handed some papers to Melvin Helme for him to look at. Melvin has taken those papers to our solicitors for them to look through and verify."
A possible complication to a deal comes in the form of a £15m loan taken out by chairman Gerald Krasner and his fellow directors which enabled them to purchase the club last March.
A substantial repayment is due on Friday to Aston Villa shareholder Jack Petchey who is believed to still be owed around £9m.
Sainsbury, the great grandson of the founder of the supermarket chain, said: "We are aware of the situation with Jack Petchey and providing everything goes to plan this week we plan to sit down with him and discuss paying the balance back."
Lucas was not available for comment last night but Parkin's involvement adds credence to the American's belief that any new board should have their roots in Yorkshire.
Parkin will join Sainsbury and Lucas in filling three of the nine executive positions on a new board. Three non-executive roles will also be created, including one for a Leeds United supporter who will be voted for by ballot.
Life-long Leeds fan Parkin, who runs the Clipper Group Ltd, has an executive box in the East Stand and has long made known his desire to take control of the United reins.
Sainsbury has already promised that Elland Road will not be sold and stated plans to activate a buy-back clause in the £4.2m sale-leaseback of United's Thorp Arch training ground. Money will also be made available for new players.
Involved in a heated radio debate with director Helme after Saturday's 4-2 victory over Preston North End, he plans to travel to Leeds tomorrow along with several leading Nova officials in the hope of pushing the deal closer to completion.
Under Sainsbury's plans, £23m will be used to both wipe out the £18m non-scheduled debt to pay off all loans accrued by the current board and provide around £5m of working capital. Chairman Krasner, Helme, Melvyn Levi and Simon Morris stand to receive £2m between them as part of the deal.
Parkin back in takeover deal at UnitedExclusive
Richard Sutcliffe
Haulier set for place on Elland Road board
STEVE PARKIN, the Brighouse-based haulier who failed in a bid to buy Leeds United in the summer, will join the club's board if a planned £25m takeover by a British-American consortium gets the go-ahead, the Yorkshire Post can reveal.
Nova Financial Partners president Michael Lucas last night met the current United directors to finally deliver proof of funds from a London bank and it is understood Parkin, who was seen deep in discussion with the American yesterday, will have a major role to play in the future.
Parkin, who led two attempts to buy the club at the tail end of last season, will become an executive member of a new United board to be headed by Sebastien Sainsbury.
The club's solicitors are now examining the documentation from HSBC Bank, which says the money is available to complete the deal with Adulant Force, the holding company set up by the current directors when they took control of Elland Road.
Sainsbury, 41, spent yesterday in London securing the necessary documentation. He said: "The documents show the money is sitting in a London bank and waiting to be verified by the lawyers of Leeds United. The contact details have also been given to help with that verification.
"We are confident that even the current board can have no problems with this proof of funding. Every effort is being made to complete the deal by the end of this week.
"We are keen on getting down to the job of helping Leeds United get back to where they belong."
The consortium felt they had provided adequate proof of funds last Friday with documents from a firm of lawyers in Canada but these were rejected by the Elland Road board.
Club spokesman Bryan Morris said: "Michael Lucas came to Elland Road yesterday and he handed some papers to Melvin Helme for him to look at. Melvin has taken those papers to our solicitors for them to look through and verify."
A possible complication to a deal comes in the form of a £15m loan taken out by chairman Gerald Krasner and his fellow directors which enabled them to purchase the club last March.
A substantial repayment is due on Friday to Aston Villa shareholder Jack Petchey who is believed to still be owed around £9m.
Sainsbury, the great grandson of the founder of the supermarket chain, said: "We are aware of the situation with Jack Petchey and providing everything goes to plan this week we plan to sit down with him and discuss paying the balance back."
Lucas was not available for comment last night but Parkin's involvement adds credence to the American's belief that any new board should have their roots in Yorkshire.
Parkin will join Sainsbury and Lucas in filling three of the nine executive positions on a new board. Three non-executive roles will also be created, including one for a Leeds United supporter who will be voted for by ballot.
Life-long Leeds fan Parkin, who runs the Clipper Group Ltd, has an executive box in the East Stand and has long made known his desire to take control of the United reins.
Sainsbury has already promised that Elland Road will not be sold and stated plans to activate a buy-back clause in the £4.2m sale-leaseback of United's Thorp Arch training ground. Money will also be made available for new players.
Involved in a heated radio debate with director Helme after Saturday's 4-2 victory over Preston North End, he plans to travel to Leeds tomorrow along with several leading Nova officials in the hope of pushing the deal closer to completion.
Under Sainsbury's plans, £23m will be used to both wipe out the £18m non-scheduled debt to pay off all loans accrued by the current board and provide around £5m of working capital. Chairman Krasner, Helme, Melvyn Levi and Simon Morris stand to receive £2m between them as part of the deal.
