Fans fear the worst as battle for Leeds becomes one-horse race

THE battle for control of Leeds United has again become a one-horse race, although doubt has been cast on the credibility of the sole runner and rider.

A second Yorkshire-based consortium had raised hopes on Wednesday among supporters they would step in and make a bid for the cash-strapped club.

However, following lengthy discussions with corporate finance experts Zeus Capital, who had been putting together the rescue package, the consortium members have decided they will not be mounting a takeover.

Fans' optimism had risen as the name of former Leeds star Trevor Cherry was serving the group in an advisory capacity, including prominent and wealthy Leeds businessmen as well as former Huddersfield chairman Terry Fisher.

While it is believed that raising the £25-30million needed to satisfy creditors was not a problem, the group apparently had grave concerns about the impact of relegation and the financial consequences it would impose.

In a statement, Zeus Capital co-founder and director Richard Hughes said: "Following our financial investigations, we have reluctantly concluded the consortium advised by Zeus Capital will not be making a proposal for Leeds United Football Club."

It means the consortium represented by insolvency expert Gerald Krasner are now the only currently viable option for Leeds chief executive Trevor Birch and the principal creditors.

The group, who made an eight-figure bid three weeks ago, have been in negotiations with Birch for just over five weeks and are slowly closing in on a deal.

"We are further ahead than we were at this stage last week," confirmed Krasner.

The problem for Leeds' fans is, when it comes to Krasner's group, the name of former Bradford chairman Geoffrey Richmond refuses to go away, despite him denying he is involved.

Dr Bill Gerrard, a professor of sport management and finance at Leeds University Business School and a United shareholder, concedes he now fears the worst for the club.

Gerrard has serious concerns about the Krasner group and said: "What I'm asking is for Mr Krasner to come clean and tell us the intentions of his consortium.

"There is a lot at stake for Leeds and there's no indication this group have the wherewithal to invest in this club.

"There is huge hostility and unease from fans with regard to what is known about this consortium, unless they can make it clear they have the best interests of Leeds United at heart.

"But at the moment the speculation suggests quite the reverse. Why do they need confidentiality clauses to protect themselves? What do they have to hide?"