Leeds Sell Off Elland Road After Deal Collapses - 14/11/2004

After the collapse of takeover negotiations with a British-American consortium fronted by Sebastian Sainsbury, Leeds have resorted to Plan B and are close to completing a deal for the sale and leaseback of Elland Road. The arrangement is thought likely to raise £10m and is believed to be with Manchester-based property developer Jack Adler who recently purchased the club's Thorp Arch training complex for £4.2m. The deal will include a commercial buy-back clause. It will give the club enough money to pay back a £13m loan to Jack Petchey's company, Treffick, without incurring a penalty. As far as Nova Financial Partners are concerned, Leeds said that their solicitors had been unable to confirm that they have received funds or that funds were on the way. The consortium included a provider of telecommunications services to born-again Christians and another investor who is oddly missing from the US Soccer Federation's records despite his claims to have been capped three times. Leeds are now in advanced talks with a local consortium, led by Leeds-based property developer Norman Stubbs, about investment in the club.