Football stays at Elland Road, insists Leeds chief

Leeds chairman Gerald Krasner insists the club’s fans have to accept “the financial realities” which have led the board to hold talks for the sale and lease of Elland Road.

Following the Krasner-led takeover of the club in March, he pledged that football would stay at Elland Road and today insisted a minimum 25-year lease would be a condition of sale.

The news follows a summer exodus of first-team stars, all in a bid to balance the books after the huge excesses of the club under previous chairman Peter Ridsdale.

“I fully sympathise with the fans. A few years ago we were in the Champions League and next season we’re in the First Division, but they have to understand that the financial realities mean that we have to get the financial model right for Leeds to have a long-term, viable future,” Krasner said.

“If they look back to the statements made at the time we saved the club from liquidation we had two options – one was to remortgage the ground, one was to do a sale and lease back, but whatever happens, football stays at Elland Road.

“We’ve been in talks with a number of parties and if there is a sale and lease back it will be with a minimum of a 25-year lease.

“Whoever buys Elland Road would get an annual rent. It’s the difference between renting your house and paying a mortgage, sometimes paying rent is cheaper than paying a mortgage.”

The Leeds chief added that they are pushing for clauses to be included in any sale agreement for an option to extend the lease beyond its original terms and also an opportunity to buy back the ground.

Simon Jose, of the Leeds United Independent Fans’ Association, has been unimpressed by the Krasner regime so far and said: “They are selling the club’s assets and not generating any income.

“Selling the ground, our prime asset, to someone with no vested interest in Leeds United does not help the club. If there is going to be a development on the site it should benefit the club.

“This simply shows the directors have no ambition in our future.”

Krasner defended the actions of his board and maintained that they were slowly bringing the debts down to more manageable levels.

“There were 18 players earning over £1m (€1.5m) when we came in, the wage bill was over £40m (€60m). The wage bill is down to an £18m (€27m) maximum this season and we’re nearly there.

“The debts were over £130m (€194.8m). We’re nowhere near that position now.”

He would not rule out the prospect of further player sales, and added on Sky Sports News: “There are one or two more players who may be moving on but at the same time players are coming in. We have to redevelop the team for First Division football.”