Sainsbury insists cash for Leeds is in bank
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sebastian Sainsbury claimed last night that he had finally delivered "irrefutable" proof to Leeds United's board that his consortium has £25m in cash to complete a takeover.
The 41-year-old said the money was now sitting in a London branch of a "big four" bank, and that the bank's manager had provided written evidence that the funds were available for immediate transfer to facilitate the buy-out. Sainsbury added that he hoped a deal will be concluded this week, and that he will become the Leeds chairman no later than next Monday.
Leeds' chairman, Gerald Krasner, appeared to confirm that Sainsbury's consortium is making progress by saying: "There are ongoing discussions at lawyer level." He added: "Until there is something positive or negative to confirm I'm not going to go into any details. There is still nothing definite that I will hang my hat on. Talks are at a very delicate stage."
The Leeds board met last night to discuss the takeover, which is being led by Sainsbury but funded primarily by an America company, Nova Financial Partners, which was established specifically to buy Leeds.
Nova's president, Michael Lucas, has been in Leeds for more than two weeks trying to broker a deal. Two other Nova partners, Burl Sheppard and Bradley Ray, are due to fly in from America tomorrow to attend what Sainsbury hopes will be the completion of the deal.
Failure to complete the deal would leave Leeds' future uncertain, and Sainsbury hugely embarrassed. The board are thought to be under pressure to do a quick deal to alleviate financial pressures arising from loans acquired when they bought the club.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments