Leeds takeover deal set to go ahead

The Anglo-American consortium bidding to take control of Leeds are poised to conclude a £25m (€35m) deal.

Leeds chairman Gerald Krasner and the club’s board of directors have now received sufficient proof of funding from the consortium fronted by Sebastian Sainsbury.

For the last two weeks Sainsbury, great grandson of the supermarket founder, and his US associates Michael Lucas and Burl Sheppard have been locked in negotiations with the club.

The major sticking point has been the consortium’s failure to show Leeds the colour of their money, but that would now appear to have been resolved and a takeover looks set to be concluded before the end of the week.

“Sufficient documentation has been received that we can now progress forward,” said Krasner.

“A deal has not yet been concluded. That will only be the case when contracts have been signed.”

It is understood the funds have been lodged by Sainsbury and Nova Financial Partners in a UK bank account.

Leeds’ financial director Melvin Helme and the club’s solicitors, Walker Morris, yesterday examined in great detail the financial evidence put before them.

Sainsbury has already declared his intent to take over from Krasner as chairman, while it is also believed Yorkshire businessman and Leeds fan Steve Parkin – who attempted his own buy-out earlier this year – will be handed a seat on the board.