New takeover could signal quick return to Premiership for shell-shocked Leeds

LEEDS are likely to be in the hands of new owners before the end of the season, raising hopes the club could make a quick return to the Premiership.

Chairman Gerald Krasner and his directors are to conduct one of the most important board meetings in Leeds' recent history this morning at which they will thrash out plans for the future following the club's relegation to the Football League on Sunday.

Among the items top of the agenda will be a proposed takeover by a consortium led by haulage magnate Steve Parkin, who last week had a £23million bid for Leeds rejected, but is undeterred in his quest to take control.

Parkin is known to be Leeds through and through, and apparently has the finances in place to not only buy out Krasner, but to also help rebuild a club still crippled by considerable debts.

One of those is a £15million loan owed to former Watford chairman and current Aston Villa shareholder Jack Petchey, money borrowed by Krasner and his colleagues under a company known as Adulant Force to conclude their own £22m takeover on March 19.

One of the conditions of the loan was a quick payback, which means the potential sales of Mark Viduka, Alan Smith, Paul Robinson, Dominic Matteo and James Milner will immediately go into repaying Petchey.

While Parkin may not be able to prevent the top stars from leaving, his guarantee is the cash received from such transfers will assist in returning Leeds to the Premiership.

Dr Bill Gerrard, a professor of sport management and finance at Leeds University Business School and a lifelong Leeds fan, witnessed what he hopes was the final act of what he describes as "three years of misery" with the 4-1 defeat at Bolton.

"We now need to draw a line in the sand," stated Gerrard. "What's happened is history and we have to build from here. We have gone over it in detail for the last 18 months. We know who made the mistakes and what the mistakes were.

"The important thing is the revival of the club and that it gets back on a sound financial footing with new owners coming in and investing funds to give us a proper financial base.

"I know Leeds United will be back, but not with these current owners, but with a management team able to run the club properly.

"They (Krasner and his board) should accept the takeover from people ready to put the money in and get this club sorted out.

"They said 'judge us by our actions', but it was a massive own goal appointing Geoffrey Richmond and now everyone knows they borrowed the majority of the money for their takeover and that they don't have the funds available to invest in the club.

"Although these people have come in to make a profit and they will make a profit the quicker Adulant Force leave Leeds United the better, and so bring to an end three years of misery."

As far as Gerrard is concerned, Parkin passes what he describes as 'the hearts, heads and pockets test' and feels he is the right man to carry Leeds into a bright new era.