Leighton linked to move to help United stave off administration - Yorkshire Post 16/1/05

Yorkshire Post Today: News, Sport, Jobs, Property, Cars, Entertainments & More Leighton linked to move to help United stave off administration Exclusive Richard Sutcliffe THE consortium looking to invest in Leeds United will decide on Monday whether to go ahead with their plans to plough around £15m into the troubled club. Local businessman Norman Stubbs has returned early from holiday in Barbados to meet his fellow consortium members, while the Yorkshire Post also understands he has held talks with former United deputy chairman Allan Leighton. Leighton, one of the most coveted business executives in the country, was a key member of the plc board between 1998 and late 2003 when he left to launch his own rescue plan as United's finances spiralled out of control, with debts topping £100m. It is not clear how strong 51-year-old Leighton's involvement will be, but privately he has always maintained a willingness to return to help revive the ailing club. The involvement of the current Royal Mail chairman would also add credibility to the Stubbs group's bid. Indeed, his business CV has been sufficient for many of the previous interested consortiums to seek advice or financial assistance before submitting a bid. Leighton was not available for comment last night as United approach a pivotal moment in their history. Sebastien Sainsbury's decision to abandon his £25m investment may have been privately welcomed by many at Elland Road who believed he never had the money in place to complete a deal. But his withdrawal means only the Stubbs group remains and if they decide not to invest then administration seems inevitable. A source said: "At the moment it is probably 50-50 as to whether they decide to go ahead. The problem is there is little room to manoeuvre due to time constraints. "Even if a decision is taken on Monday to go ahead then it will take another three or four days to sort matters out. Norman's consortium is in a difficult position. The fans have to understand that if he can't do the deal then it is not his fault. "The shenanigans involving Sainsbury have not helped and have actually wasted a lot of people's time. Norman should have been in the current position a couple of months ago. Sainsbury has caused huge problems for the people at Leeds United, but throughout it all Norman has remained interested." Stubbs, who met Sainsbury in December to discuss a possible link-up only for talks to quickly stall, had initially been looking at investing around £9m into United. However, an inspection of the United finances revealed more money was needed if the club is to be turned round and the consortium have spent recent weeks raising the necessary cash. Due diligence has been completed with the group having spent tens of thousands of pounds in solicitors fees and a decision is expected on Monday. If agreement cannot be reached then United chairman Gerald Krasner, an insolvency practitioner by trade, may be left with no other alternative but to place the club in administration. That would incur a 10-point deduction which, if imposed ahead of today's home game with Cardiff City, would plunge United to fourth bottom in the Championship and in real danger of being relegated to the third tier of English football for the first time. However, manager Kevin Blackwell said: "I can't dwell on it because I don't know what is going to happen. We deal with the football. At this stage it (administration) is speculation, and you can't live your life based on that." On Sainsbury, who revealed this week he would have sacked Blackwell and appointed Iain Dowie had he taken control, the Leeds manager added: "That upset me to a degree but you treat anything like that lightly. He wasn't the owner of this football club so I took it with a pinch of salt. "Anyway, I have since swapped from Sainsbury's to Tesco even though it is costing me a few extra pounds with the extra mileage to get there."