Sainsbury on verge of Leeds deal

Sebastian Sainsbury’s projected £25m (€35.8m) Leeds takeover appeared to move a significant step closer last night.

Sainsbury insisted in a statement that his consortium Nova Financial Partners had begun to provide the proof of funding required for him to become chairman of the struggling Coca-Cola Championship club.

Sainsbury said: “We can confirm the consortium met with representatives of Leeds United Football Club and have produced to them the first of a number of documents showing that we have the funds in place to complete the transaction, and for the balance of any regulatory and security checks to be completed by all parties.

“We appreciate the efforts that the board has gone to in extending the time in which to make available to them our proof of funding.”

Sainsbury believes he will have taken over the club by the middle of next week although current chairman Gerald Krasner continues to exercise caution.

Krasner has seen a number of self-imposed deadlines by Sainsbury expire amid mounting concerns that the deal could fall through.

And questions began to be raised about his consortium partners including Burl Sheppard, who has a dubious business background, and Michael Lucas, who claims to have played international football for the United States while records suggest otherwise.

Waiting in the wings is Yorkshire property tycoon Norman Stubbs, a Leeds supporter who has held his own negotiations with the board regarding his own takeover.

The suggestion of an imminent conclusion will come as a relief to Leeds boss Kevin Blackwell.

Blackwell spoke of feeling “undermined” by the continued uncertainty following Wednesday night’s dismal home defeat by Burnley.

Blackwell said: “I turned up here last year and I could not tell you after three weeks who the chairman was. Now how can that be right for a club the stature of Leeds United?

“Never mind stature, how can that be right for a business the size of Leeds United? If you are not sure what is happening from day to day, it becomes pure guesswork.”