BusinessCorporate FinanceLeeds United to sell ground as takeover collapses

Leeds United to sell ground as takeover collapses

Leeds United Football Club is to sell its ground, Elland Road, after a takeover bid by a local consortium led by Sebastian Sainsbury fell through.

Link: Insolvency specialist to help Wrexham FC

Leeds chairman Gerald Krasner instead revealed that he is close to selling Elland Road on a sale and lease-back deal. The money raised from the sale is needed to pay the latest instalment on a loan to Aston Villa director Jack Petchy, which if not paid by close of play on Friday will trigger a £2m penalty clause, according to BBC Online.

Sainsbury, who is backed by the American-based Nova Financial Partners, failed to transfer £25m by 1pm today, sparking the need to sell the ground. However, Krasner is still hopeful that a deal can be sorted out in the consortium ‘over the next few weeks’.

Leeds United was saved from bankruptcy earlier this year when a consortium, led by Krasner, took over the ailing club, but relegation from the Premiership has plunged the club into more financial difficulty.

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