Sainsbury sets sell-by date

The latest takeover tale at Leeds continued today with Sebastian Sainsbury setting Friday as his target for becoming club chairman.

Sainsbury accepted the current board’s announcement today that they had yet to receive proof of funding from Nova Financial Partners, the group he is representing.

But he insisted legal smallprint was the only thing stopping his group’s £25m (€36.2m) takeover being completed.

Sainsbury told PA Sport: “We are proceeding for closing the deal on Friday. The banks are communicating with the lawyers and we are trying to put something together which requires a huge amount of regulatory approval and documentation.

“We have confirmed to the board that the money is sitting in a bank ready to do the deal.”

Current chairman Gerald Krasner is being more cautious having found himself in similar positions before.

Krasner said in a statement: “In the interest of fans, players and supporters of Leeds United, the Board has decided to continue its negotiations with all interested parties regarding the re-financing of the club.

“To date, our lawyers have not had any proof of funds from Nova Financial Partners but if and when any negotiations come to a concrete conclusion, a further statement will be made.”

Sainsbury said he was unconcerned by reports of a bid by a rival consortium believed to be based in Yorkshire.

He added: “I don’t think it’s going to be a cash offer, I think it is a mixture of selling Elland Road and cash.

“I believe we have got the best deal. We have got the best deal on the basis of it being cash and paying off the club’s debt.”