By Phil Hay Published on Saturday 30 June 2012 09:10
The takeover of Leeds United is entering its final throes with Ken Bates nearing the end of his long reign as chairman. United are poised to pass into new ownership after a decisive bid by investors based in the Middle East. The YEP believes the deal is on the very brink of completion following a period of due diligence on the accounts at Elland Road. The process is not thought to have thrown up any obstacles or complications for the would-be buyers. Click here to register and have your say on the Leeds United stories and issues that matter to you Neither Leeds nor the prospective new owners have given any indication of the timescale for a final completion of the agreement or a public announcement but one source said it appeared to be a "matter of time" before the formalities were dealt with. A full takeover would see Bates - chairman of Leeds since January 2005 - relinquish the 72.85 per cent stake he acquired from United's former owners, the off-shore firm Forward Sports Fund (FSF), in April of last year. The club confirmed on May 29 that talks with investors were underway and announced on Tuesday that they had entered into an "exclusivity period" with a group of buyers, allowing due diligence to take place. Initial interest from North America is thought to have faded quickly, leaving the way clear for an un-named party from the Middle East to table an offer. Any new shareholder at Leeds would be required to pass the Football League's Owners and Directors Test but United insisted earlier this week that the buyers would have "no issues" in meeting the governing body's requirements. Leeds also claimed the group had "the financial resources to support the club". _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org PETE CASS (1962 - 2011) Rest In Peace Mate
