Leeds bidders show colour of money

The British-American consortium planning a £25m (€36m) takeover of Leeds claim to have provided proof of funding to the Yorkshire club.

The British-American consortium planning a £25m (€36m) takeover of Leeds claim to have provided proof of funding to the Yorkshire club.

Sebastian Sainsbury, great grandson of the founder of the supermarket chain, is leader of the consortium in partnership with the American company Nova Financial Partnership.

He had pledged to deliver the relevant documents by close of business yesterday.

As the consortium’s lawyers are based in Texas, the time difference meant this was extended to 11pm in Leeds.

“The money is in place and we are in the process of sending the documents to the club’s lawyers, Walker Morris,” Sainsbury told the Yorkshire Post.

“We have made it clear to the other parties that the money will be arriving to complete the deal on Friday, November 5.

“We are having to meet the conditions put on us by the club’s lawyers. They want proof of funds and also details of where the money has come from, which makes it a complicated process.”

A spokesman for Nova added: “The monies are now in a US bank specifically identified for the Leeds United Football Club transaction.

“The two US banks involved and the attorneys for Nova Financial Partners, as well as the attorneys for Nova Partner providing the funds are in the process of completing the necessary documents for the Leeds solicitors who will receive the designated funds in their escrow account.”

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