Consortium hope to own Leeds by Monday

The Yorkshire-based consortium looking to takeover debt-ridden Leeds are hoping to be in place prior to next Monday’s Elland Road clash with Manchester City.

As one source close to the consortium today stated: “We are getting close to crunch time,” as two months of negotiations finally appear poised to come to a head this week.

Talks have been painfully slow with the club’s major creditors, primarily due to the number of lawyers involved in the deal.

Problems arose just over two weeks ago when the financial standstill arrangement that had been in place with the creditors since early December was not formally renewed.

The hand of Leeds chief executive Trevor Birch, and that of the consortium, was seemingly forced as one of the creditors had apparently grown frustrated at the lack of progress being made.

But the group have long been the only viable option for the creditors, bondholders M&G, MetLife and Teachers, along with Gerling Insurance Co who are the credit insurers of player-leasing agents Registered European Football Finance Ltd, as well as the Inland Revenue and Customs & Excise.

Other parties have expressed an interest, and a number of fanciful names have emerged, but the consortium being advised by former Bradford chairman Geoffrey Richmond are the only one to have lodged a bid.

There was speculation, however, if the deal had not been concluded by last Friday then the club would be placed in administration, although it now appears as if the situation is close to reaching a conclusion.

Insolvency expert and consortium representative Gerald Krasner today revealed: “As far as I’m concerned it’s non-stop work with the lawyers, just as it was over the weekend.”

Speculation former Chelsea chairman Ken Bates is playing a part in the consortium has been strongly refuted by Krasner who added: “I can categorically deny he is not involved.”

It is believed if a deal is agreed this week, then the consortium members - who have so far remained anonymous after signing confidentiality agreements - would be on hand for the visit of Kevin Keegan’s side.