Leeds close in on investment deal

Finance director Melvyn Helme believes Leeds United are close to securing fresh investment.

Helme would not be drawn on reports of a potential takeover bid by Miami businessman Burl Sheppard.

But Helme admitted that the current board, headed by chairman Gerald Krasner, are progressing with their efforts to secure new capital.

“Talks with a number of parties have reached an advanced stage,” Helme told the Mail on Sunday, “and it would be wrong to comment on any one person. I’m not sure which party will come forward in the end.”

Reports yesterday suggested that Sheppard, an executive with Nova Financial Partners, was in Leeds to discuss the framework for a takeover.

The Krasner-led board paid £22.5m (€32.4m) when they took over Leeds last March and have reduced crippling debts from £103m (€148.4m) to just over £30m (€43.2m).

The recent £4.2m (€6m) sale of the club’s Thorp Arch training ground and the sale of land adjacent to Elland Road for a proposed casino brought in an initial £5m (€7.2m) with the prospect of another £10m (€14.4m) to follow.

Helme added: “My dream is for Elland Road to be substantially developed. Casinos are the first part of the jigsaw and I see money coming into the club.”