Leeds deal still not concluded

Leeds chairman Gerald Krasner sat tight as more details began to emerge of the consortium behind a projected £25m (€36.2m) buy-out.

Krasner insisted proof of funds had still not been forthcoming from the group headed by Sebastian Sainsbury, preventing talks from moving to the next stage.

But Sainsbury responded by insisting he would have usurped Krasner as the club’s figurehead by Friday.

Motives and funding behind the group, known as Nova Financial Partners, remain something of a mystery.

But Nova’s president Michael Lucas insisted the money came from “the substantial oil and gas assets of some members of the consortium”.

Lucas went on to attempt to explain the key role which 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 would provide “high-definition streaming” and the ability to “access every Leeds game on your palm pilot”.

He added: “I have 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.

Lucas said he played in goal for the States 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”.

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

The United States Soccer Federation 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.

Meanwhile, 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 refinancing of the club.”

Sainsbury was more bullish, saying only legal small-print stood in the way of completion.

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.”