Sainsbury to prove funds

Sebastian Sainsbury will provide Leeds chairman Gerald Krasner with proof of funds on Monday to take control of the club.

Krasner was today waiting for proof of a projected £25m (€36m) bid which could result in a change in ownership of the Coca-Cola Championship club.

The Leeds chairman insisted he had still not received sufficient evidence of funding from a consortium headed by Sainsbury.

It was the latest delay in a year of takeover talk which has so far produced many links but come to nothing.

But Sainsbury insisted he would provide the necessary proof by Monday that he and his American backers had the funding to secure the future of the club.

Sainsbury told PA Sport: “In light of Gerald Krasner’s request following their board meeting, I am in the process of finalising the proof of funds to be delivered to him by Monday.

“While I don’t really see the point given our offer of £500,000 (€719,000) cash in the form of a non-refundable deposit, I am going to adhere to the demands of the board.”

The exact status of the £500,000 (€719,000) deposit is currently unknown, with both sides acknowledging its existence but disputing the conditions under which it was to be accepted.

Sainsbury’s promise followed growing unease in Leeds about the status of this latest bid for the financially unstable club.

Sainsbury would make no comment on the financial structuring of the deal, nor the involvement of Tampa Bay telecommunications executive Burl Sheppard, who has been linked with a number of failed companies, including one with a multi-million dollar bankruptcy order against it.

But he insisted that publicity ensuing from his interest had not put him off becoming chairman of the club.

Sainsbury added: “The reaction over the last 24 hours has been extraordinary but it has confirmed to me what a great club Leeds United is.”