Sainsbury eyes Friday takeover

Sebastian Sainsbury claimed today he will become Leeds chairman by the end of the week, amid more confusion over his consortium’s plans for the struggling club.

Sainsbury reports only legal small-print stands in the way of a £25m (€36.2m) takeover by the Anglo-American Nova Financial Partners.

He confirmed he has not yet provided the proof of funding required by Leeds’ current board to take the process to the next stage.

But he said: “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.”

Meanwhile, more conflicting details began to emerge of the Nova group behind the investment.

Its president Michael Lucas said the majority of funding for the deal would come from “the substantial oil and gas assets of some members of the consortium”.

Lucas went on to attempt to explain the key role he expects Nova’s reported telecommunications expertise to play in future developments.

Another member of the Nova group, Burl Sheppard, is known to have had links with numerous telecoms companies in the United States – many of which are now defunct.

Lucas said Nova’s technology company can provide “high-definition streaming” and the ability to “access every Leeds game on your palm-pilot”.

He added: “I’ve examined the financials, and it is cut out to make money. Considering the massive fan base, profits should not be a problem at all.”

Lucas claims to have earned three international football caps for the United States in the early 1960s – including in goal in one match against a Brazil team including Pele.

He added: “It was great to be on the same field as the guy. They killed us 4-1.”

Lucas later called the match involving the double World Cup winner an “amateur test match” in the early 1960s.

The United States Soccer Federation tonight denied anybody named Michael Lucas had ever played for their international team, and said the US did not play Brazil at any level between 1930 and 1992.

Leeds’ current chairman Gerald Krasner is being understandably cautious about the projected deal.

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.”

Meanwhile, Sainsbury is 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.”