Soccer: Consortium set to take over at Leeds

CASH-STRAPPED Leeds are today expected to be taken over by the Yorkshire-based consortium who have spent the last two months putting together their bid.

Negotiations which began in mid-January should finally draw to a close, bringing to an end the uncertainty which has surrounded Leeds' future since they announced a financial standstill agreement with their creditors on December 4.

In the last 48 hours talks involving lawyers from all parties have progressed rapidly, with the deal understood to be worth £22m although Leeds owed £82m, the club's major creditors have agreed to cut their losses.

Mystery, though, surrounds the identities of those involved, for with the exception of consortium spokesman Gerald Krasner, an insolvency practitioner with Leeds-based chartered accountants Bartfields, and former Bradford chairman Geoffrey Richmond, who has been acting as an unpaid advisor, confidentiality agreements have long been in place.

There have been suggestions that multi-millionaire businessman Jack Petchey, former owner of Watford and now shareholder at Aston Villa, is the man financing the deal.

Given Petchey has made his money in property and two of the consortium members understood to be Simon Morris and Melvyn Levy are also involved in property developing, consternation has been growing among Leeds supporters about the future of their 82-year-old Elland Road home.

The group, though, have made it clear Leeds will remain at the stadium, although it might be as tenants, chief executive Trevor Birch revealed at the club's agm in December, "the bondholders have the ground lock, stock and barrel".

Despite Birch's firefighting efforts over the past few months, it has been suggested there is unlikely to be a place for the former Chelsea chief executive in the new regime.

It is believed the new owners want Gordon Strachan in place as manager this summer, regardless of whether Leeds are in the Premiership or Division One.

Jermaine Pennant has been granted another month-long extension to his loan from Arsenal, with his stay almost certain to last through to the end of the season.