saafend_seagull
Well-known member
The consortium is led by 41-year-old Sebastian Sainsbury, who is backed by an American consortium called Nova Financial Partners.
It has pledged to transfer £25m to Leeds' solicitors on Thursday, in time for the deal to go through.
It is a race against the clock, for the current board at Leeds need £2.5m by Friday to pay the latest instalment on a £15m loan made by Aston Villa director Jack Petchey last year.
But the situation is far from clear - with a series of unanswered questions leaving the club's beleaguered fans and the local media divided as to whether the takeover would be a good thing for the club.
London-born Sainsbury is the great grandson of the founder of the supermarket chain of the same name.
SEBASTIAN SAINSBURY
Age: 41
Heritage: Great-grandson of supermarket founder John James
Background: City, various business interests and restaurant investments
Known interest in football: Nil
But whether he has any affiliation with Leeds United - or indeed the city in general - remains unknown.
Sainsbury's father, Barry, gave up a career in the City in order to pursue his interests in travel and art.
He opened up a trendy boutique called Mr Fish, but it is said that his career path took him away from any active involvement in Sainsbury's grocery empire.
Sebastian spent 20 years in the city and stood as an MP for the Referendum Party in Henley in 1997 but came fourth as Michael Heseltine retained his seat.
He has numerous directorships and business interests of his own.
He is chairman of London cocktail bar MINT and managing director of Par Europe Ltd, a manufacturing, engineering and sales company with its headquarters in Florida.
Nova Financial Partners are also based in Florida and have been represented by three men in their negotiations with Leeds - Michael Lucas, Burl Sheppard and Bradley Ray.
What does Krasner gain by selling his interest in Leeds?
The exact nature of the relationship between Sainsbury and Nova Financial Partners is again unknown.
Nor is the reason why they want to invest in Leeds United.
There is no obvious connection - no life-long supporter made good or even the slightest hint that any are interested in football.
Sainsbury has dodged all questions from the media as to why he is leading an American consortium towards Elland Road in the heartland of West Yorkshire.
He has stressed that he wants local representation on the board - with Yorkshire-based businessman Steve Parkin - who attempted to lead a takeover of his own earlier in the year - said to be lined up.
But none of this explains the motivation of Nova Financial Partners, nor why Sainsbury is involved.
There is also the question of what exactly is Nova Financial Partners?
Is it an established company in their own right or a partnership formed with the express purpose of representing the interests of those who are investing in Leeds?
Either way, it has not been made clear why an American-based company is interested in saving an ailing club who have tumbled out of English football's elite division.
John Boocock, chairman of the Leeds United Supporters' Trust, admits there is so much confusion it is impossible to judge.
THE CURSED CHAIRMAN'S CHAIR
April 2003: Peter Ridsdale steps down
Dec 2003: Prof John McKenzie steps down
Nov 2004: Will Krasner be the latest to leave?
"Once things have settled down, then we will be able to take a view of what has taken place," said Boocock.
"There's been that much to-ing and fro-ing, it's hard to work out whether it's a good thing or not."
Boocock does not want any of the current board - led by chairman Gerald Krasner - to have a place on the board if the Sainsbury's led consortium takes over.
Nova Financial Partners has now provided the necessary proof of funds and the money is now reported to be in a UK bank account.
But not everyone is convinced the move to buy Adulant Force, the company which owns Leeds United, and install Sainsbury as the club's new chairman will actually materialise.
Stories are circulating of blurred faxes arriving at the club with bank letterhead and lawyers from both sides locked in talks until late in the evening as they try to thrash out the deal.
In the opinion of Dr Bill Gerrard, professor of sports management and finance at Leeds University Business School, it is essential that the takeover does go through.
"I was totally against the current board from the start. They have done more harm in eight months than Peter Ridsdale did," he said.
The whole situation is a breeding ground for rumours and speculation.
But one thing remains for certain - the turbulent recent history of Leeds United shows no sign of abating.
It could be some time before life tastes better for Leeds supporters.
------------------------------------------------------------------------------
I hope the couple of leeds fans who post on here will come back after boasting about this
It has pledged to transfer £25m to Leeds' solicitors on Thursday, in time for the deal to go through.
It is a race against the clock, for the current board at Leeds need £2.5m by Friday to pay the latest instalment on a £15m loan made by Aston Villa director Jack Petchey last year.
But the situation is far from clear - with a series of unanswered questions leaving the club's beleaguered fans and the local media divided as to whether the takeover would be a good thing for the club.
London-born Sainsbury is the great grandson of the founder of the supermarket chain of the same name.
SEBASTIAN SAINSBURY
Age: 41
Heritage: Great-grandson of supermarket founder John James
Background: City, various business interests and restaurant investments
Known interest in football: Nil
But whether he has any affiliation with Leeds United - or indeed the city in general - remains unknown.
Sainsbury's father, Barry, gave up a career in the City in order to pursue his interests in travel and art.
He opened up a trendy boutique called Mr Fish, but it is said that his career path took him away from any active involvement in Sainsbury's grocery empire.
Sebastian spent 20 years in the city and stood as an MP for the Referendum Party in Henley in 1997 but came fourth as Michael Heseltine retained his seat.
He has numerous directorships and business interests of his own.
He is chairman of London cocktail bar MINT and managing director of Par Europe Ltd, a manufacturing, engineering and sales company with its headquarters in Florida.
Nova Financial Partners are also based in Florida and have been represented by three men in their negotiations with Leeds - Michael Lucas, Burl Sheppard and Bradley Ray.
What does Krasner gain by selling his interest in Leeds?
The exact nature of the relationship between Sainsbury and Nova Financial Partners is again unknown.
Nor is the reason why they want to invest in Leeds United.
There is no obvious connection - no life-long supporter made good or even the slightest hint that any are interested in football.
Sainsbury has dodged all questions from the media as to why he is leading an American consortium towards Elland Road in the heartland of West Yorkshire.
He has stressed that he wants local representation on the board - with Yorkshire-based businessman Steve Parkin - who attempted to lead a takeover of his own earlier in the year - said to be lined up.
But none of this explains the motivation of Nova Financial Partners, nor why Sainsbury is involved.
There is also the question of what exactly is Nova Financial Partners?
Is it an established company in their own right or a partnership formed with the express purpose of representing the interests of those who are investing in Leeds?
Either way, it has not been made clear why an American-based company is interested in saving an ailing club who have tumbled out of English football's elite division.
John Boocock, chairman of the Leeds United Supporters' Trust, admits there is so much confusion it is impossible to judge.
THE CURSED CHAIRMAN'S CHAIR
April 2003: Peter Ridsdale steps down
Dec 2003: Prof John McKenzie steps down
Nov 2004: Will Krasner be the latest to leave?
"Once things have settled down, then we will be able to take a view of what has taken place," said Boocock.
"There's been that much to-ing and fro-ing, it's hard to work out whether it's a good thing or not."
Boocock does not want any of the current board - led by chairman Gerald Krasner - to have a place on the board if the Sainsbury's led consortium takes over.
Nova Financial Partners has now provided the necessary proof of funds and the money is now reported to be in a UK bank account.
But not everyone is convinced the move to buy Adulant Force, the company which owns Leeds United, and install Sainsbury as the club's new chairman will actually materialise.
Stories are circulating of blurred faxes arriving at the club with bank letterhead and lawyers from both sides locked in talks until late in the evening as they try to thrash out the deal.
In the opinion of Dr Bill Gerrard, professor of sports management and finance at Leeds University Business School, it is essential that the takeover does go through.
"I was totally against the current board from the start. They have done more harm in eight months than Peter Ridsdale did," he said.
The whole situation is a breeding ground for rumours and speculation.
But one thing remains for certain - the turbulent recent history of Leeds United shows no sign of abating.
It could be some time before life tastes better for Leeds supporters.
------------------------------------------------------------------------------
I hope the couple of leeds fans who post on here will come back after boasting about this
