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Last Updated: Monday, 17 January, 2005, 15:36 GMT
Leeds hold positive buy-out talks
Leeds chairman Gerald Krasner
Krasner is hopeful that talks will progress this week
A consortium in the running to take control of Leeds United say they have held "constructive" talks with the club, reports BBC Radio Leeds.

The group, headed by Norman Stubbs, appear to be the club's last chance of staying clear of administration.

"A successful conclusion to the transaction depends on negotiations with a number of third parties," said a statement from the consortium.

"We expect that these negotiations will take approximately seven to 10 days."

Stubbs' proposed offer depends on whether he can successfully negotiate renewed terms with the club's major creditors, in particular the Inland Revenue, Customs & Excise, the bondholders and a number of former players and managers still being paid by the club.

Leeds, currently around 25m in debt, still owe around 3.5m to the Inland Revenue, and last month defaulted on a 1.2m payment.

The Revenue could choose to serve a winding-up order on Leeds, with Stubbs representing the last hope of averting such a prospect, and with it administration.

The statement added: "Everyone's aim is to deliver a positive outcome for the benefit of the club."

Business man Sebastien Sainsbury pulled out of negotiations on Thursday.

Leeds chairman Gerald Krasner held talks with Stubbs on Monday and had earlier said: "He's a Leeds United supporter and he believes that we were once a great team and, hopefully, we can get back there again.

"They are very serious contenders, they've been talking to us now for a couple of months."

Krasner said he was disappointed with how negotiations with Sainsbury had gone since the board began talks with them in October.

"They were causing havoc, quite honestly, they were running a media campaign despite confidentiality agreements with us," he said.

"It has been impossible to seriously negotiate with them."

Sainsbury ends interest in Leeds
13 Jan 05 |  Leeds United
Leeds dismiss new Sainsbury offer
29 Nov 04 |  Leeds United
Leeds sell ground after bid fails
12 Nov 04 |  Leeds United

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