Leeds Takeover deal concluded

By Rich Baggott
November 14 2004

The deal that has been held up for several weeks and solicitors argued over the illusive 'Proof of Funds' now seems almost certain to be completed.

The news being reported this morning is that the clubs demands for proof of funds have now been satisified and the deal is progress as normal. Contracts will be signed shortly and Nova will commence proceedings to transfer funds to complete the deal. The deals includes £5m for teams buiding, un-schedualled debts wiped out, £2M to the existing board and a commitement to stay at Elland Road and commence negotiations to buy back the Thorpe Arch training complex.

The deal should see Seb Sainsbury take the role of club chairman and a new look Board. It is understood that two of the existing board will retain roles in the structure. In addition, Steve Parking, the lifelong Leeds fan who himself launched two rescue attempts at the back end of last season will also be involved in the running of the club, however his role and financial commitement to the club or deal has yet to be clarified.

Keep checking back for more information as it breaks.