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.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.