Krasner hoping Stubbs consortium saves Leeds

Leeds chairman Gerald Krasner is hopeful that the debt-ridden club’s future could be secured within a matter of weeks.

Krasner will hold talks with a consortium led by local businessman Norman Stubbs tomorrow following the collapse of Sebastien Sainsbury’s take-over bid last week, and having given the new approach his backing, is confident that salvation is at hand.

“They are the first consortium that consists of true Leeds United supporters,” he told BBC Radio 5 Live’s Sportsweek show. “That is why I have backed them, and I have not backed any of the other consortia as being serious.

“He (Stubbs) is a Leeds United supporter and he believes that we were once a great team and hopefully we can get back there again.

“They are very serious contenders. They have been talking to us for a couple of months and I believe that if anybody is going to come in with new investment, these will be the people to do it.”

Asked when Stubbs’ consortium could take over, Krasner replied: “As and when the lawyers and advisors have finished all that is necessary.

“I thought when we bought the club originally it would take four weeks; it took 10 weeks, so it is a bit dangerous giving indications and raising expectations. Over the next few weeks, let’s put it that way.

“We are going to be talking to the Stubbs consortium starting Monday morning and I am hopeful this will progress during the week.”

The Stubbs consortium is the 13th to come forward in the long-running saga to rescue the former Champions League semi-finalists, although Krasner was scathing about the Sainsbury bid and the suggestion that it would take £40m (€57m) to engineer a turn-around.

“Although we have been talking to them, they, in our opinion, were never going to be able to do it,” he said. “We asked them to put up £50,000 (€71,000) towards our costs by 5pm on Thursday and at 4.45pm, they pulled out. They could not find the £50,000 (€71,000) even.

“They were causing havoc, quite honestly. They were running a media campaign despite confidentiality agreements with us. It was impossible to seriously negotiate with them and they were spoiling the other consortium who we are still talking to.

“If the £40m (€57m) he (Sainsbury) was quoting was anywhere near true, I would not be there, the Stubbs consortium would not be there and Leeds would not be there. That figure is way off beat.”

The club’s financial plight has raised fears that they could go into administration and incur a crippling 10-point penalty, but Krasner, in public at least, is refusing to consider that possibility.

“We do not even consider the A-word,” he said. “We have done 80 per cent of this job so far. We do not intend to fail at this stage.

“I am not looking as far as the end of the season, I am looking at this week at the moment. We understand the situation, but as I say, we are not considering that as an alternative. We are going to make this work.

“The debts were £104m (€148m); they are under £25m (€35m). We have not come this far to fail now.”

Meanwhile, Krasner confirmed that talks are continuing with Chelsea over 19-year-old goalkeeper Scott Carson with Liverpool also understood to be monitoring the situation.

“Chelsea are talking to us, but we have not reached any agreement,” he said. “If and when we do, it will be announced. There are other clubs that have expressed an interest, yes.”