Sheikh will not sell off Leeds ‘jewels’

THE SHEIKH exploring the possibility of taking over debt-ridden Leeds United has claimed that he would not sell the club’s “jewels.”

Leeds' desperate hopes of finding a saviour to rescue them from administration received an apparent boost yesterday when Sheikh Abdulrahman Al Khalifa confirmed he is "exploring a number of options to assist" the stricken club.

The Sheikh revealed in a statement to the London Stock Exchange that this could lead to the possibility of a takeover bid. Sheikh Abdulrahman claims to be a lifelong supporter of Leeds United who has watched in dismay as some of the club's best players have left Elland Road in recent months.

The Sheikh said: "Alan Smith and all the jewels of the club will not be sold off they are the heart of Leeds United.

"I am still hurting over the sale of Jonathan Woodgate."

However, despite the Sheikh's announcement, Leeds' future remains locked in uncertainty and even if a Middle Eastern consortium does decide to invest in the club it may be too late.

Chief executive Trevor Birch and deputy chairman Allan Leighton will continue their efforts to restructure Leeds' £78 million debts, knowing that unless they are successful by the end of the week, then administration may follow.

The Sheikh's statement does little to signal firm intent.

It said: "Further to recent press speculation and comments attributed to His Excellency, the Sheikh, confirms that he is at an early stage in exploring a number of options to assist the company in its present financial position that may or may not lead to an offer being made for the company's issued share capital.

"A further announcement will be made as appropriate."

Scepticism at Leeds is understandable they were expecting a cash injection of £4.4 million from the Sheikh last week, but it has yet to appear.

Leeds' other hope is that they are given some vital breathing space by the American bond-holders to whom the club owe £60 million and that the American company will release £4.1 million which Leeds originally paid as security for the loan. They are also making efforts to find a way in which Leighton can give the club another £2.2 million in the form of a loan without having to step down from the board.

If Leeds are in administration when the transfer window opens on January 1, they face the prospect of having leading players such as Alan Smith and Mark Viduka sold off.

The bond-holders would also take over ownership of the Elland Road stadium and then lease it back to the club.