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Elland Road board hope to complete £25m takeover of Leeds to consortium before weekendA DEADLINE of Friday afternoon has been set for the completion of a £25m takeover of Leeds United.
The British-American consortium bidding to take charge at Elland Road spent yesterday locked in talks with the current board.
As revealed in yesterday's Yorkshire Post, Nova Financial Partners president Michael Lucas has presented proof of funds from HSBC Bank.
Another day of intrigue saw rumour and counter-rumour emerging with suggestions the deal had collapsed and David Richmond was part of a consortium trying to hijack proceedings, something the former director vehemently denies.
But a joint statement from United and Nova confirmed last night: "The Leeds United board of directors met yesterday with the president of Nova Financial Partners, Michael Lucas.
"Nova has agreed to transfer £25m into their solicitor's bank account by the end of Thursday (11th November) 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 12th November. No further comment will be made by either party or anyone representing either party until either completion or the deadline for completion has passed."
Both sides remain hopeful a deal can be concluded. United 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."
Nova president Lucas added: "We are looking forward to completing the contract and working towards Premiership status."
The deadline of Friday is pertinent as a substantial repayment is due in two days' time on a £15m loan taken out by the current directors to buy the club in March. Aston Villa shareholder Jack Petchey is believed to still be owed around £9m and missing the repayment will result in a significant penalty.
Failure to complete the deal with Nova by Friday will see the board switch their attention to striking a sale-leaseback deal for Elland Road.
Talks have been on-going for months over a possible sale to wipe out the Petchey debt, albeit by selling the club's one remaining major asset.
Speculation in Leeds yesterday suggested Richmond was trying to hijack the deal but he told the Yorkshire Post: "There have been a lot of rumours flying around about me and the current situation but I can categorically say they are rubbish.
"I am not a director of Leeds United, I am not party to the negotiations of Leeds United and I have no influence at Leeds United.
"I put money into the club back in March, which for me was an awful lot of money.
"That is still in the club but I cannot make any demands on anyone.
"I am not part of any consortium and for people to talk about me making demands for this amount or that amount of money to push a deal through is absolute nonsense.
"All I want to do is live a normal life and go watch Leeds United with my kids in the future as a supporter. I am a fan and just want whichever deal is the best for the future of the club to go through."
Steve Parkin, who made two bids to buy United earlier this year, will join the board should the £25m takeover go ahead. He said: "For the good of Leeds United, we need stability and we need leadership because it is a sad situation at this club.
"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."
Elland Road board hope to complete £25m takeover of Leeds to consortium before weekendA DEADLINE of Friday afternoon has been set for the completion of a £25m takeover of Leeds United.
The British-American consortium bidding to take charge at Elland Road spent yesterday locked in talks with the current board.
As revealed in yesterday's Yorkshire Post, Nova Financial Partners president Michael Lucas has presented proof of funds from HSBC Bank.
Another day of intrigue saw rumour and counter-rumour emerging with suggestions the deal had collapsed and David Richmond was part of a consortium trying to hijack proceedings, something the former director vehemently denies.
But a joint statement from United and Nova confirmed last night: "The Leeds United board of directors met yesterday with the president of Nova Financial Partners, Michael Lucas.
"Nova has agreed to transfer £25m into their solicitor's bank account by the end of Thursday (11th November) 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 12th November. No further comment will be made by either party or anyone representing either party until either completion or the deadline for completion has passed."
Both sides remain hopeful a deal can be concluded. United 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."
Nova president Lucas added: "We are looking forward to completing the contract and working towards Premiership status."
The deadline of Friday is pertinent as a substantial repayment is due in two days' time on a £15m loan taken out by the current directors to buy the club in March. Aston Villa shareholder Jack Petchey is believed to still be owed around £9m and missing the repayment will result in a significant penalty.
Failure to complete the deal with Nova by Friday will see the board switch their attention to striking a sale-leaseback deal for Elland Road.
Talks have been on-going for months over a possible sale to wipe out the Petchey debt, albeit by selling the club's one remaining major asset.
Speculation in Leeds yesterday suggested Richmond was trying to hijack the deal but he told the Yorkshire Post: "There have been a lot of rumours flying around about me and the current situation but I can categorically say they are rubbish.
"I am not a director of Leeds United, I am not party to the negotiations of Leeds United and I have no influence at Leeds United.
"I put money into the club back in March, which for me was an awful lot of money.
"That is still in the club but I cannot make any demands on anyone.
"I am not part of any consortium and for people to talk about me making demands for this amount or that amount of money to push a deal through is absolute nonsense.
"All I want to do is live a normal life and go watch Leeds United with my kids in the future as a supporter. I am a fan and just want whichever deal is the best for the future of the club to go through."
Steve Parkin, who made two bids to buy United earlier this year, will join the board should the £25m takeover go ahead. He said: "For the good of Leeds United, we need stability and we need leadership because it is a sad situation at this club.
"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."