Leeds left on the brink after Sainsbury takeover bid collapses

LEEDS UNITED again stand on a financial precipice after Sebastien Sainsbury’s proposed takeover finally collapsed last night.

Sainsbury has still not given up all hope of saving the club, but following his decision to pull out of a potential £25m buy-out, Leeds stand on the brink of administration, potentially within the next three months.

Despite the current board, led by chairman Gerald Krasner, having reduced debts from a staggering £104m to around £25m during the 10 months of their tenure, the club continue to haemorrhage money at an alarming rate.