Leeds United takeover bid collapses, reveal consortium

The terms of a buy-out were agreed last year

The consortium hoping to complete a takeover of Leeds this month have confirmed the deal has collapsed.

Sport Capital, headed by the club's current managing director David Haigh and Andrew Flowers, the managing director of their main sponsors, Enterprise Insurance, had agreed the terms of a buy-out with owners Gulf Finance House on November 30.

But talks between the two parties reached an impasse when Sport Capital submitted a revised offer for 75 per cent of the club's shares after completing due diligence and Haigh has now revealed some financial backers were unable to deliver.

Haigh said in a statement: "As fans know, we signed a share acquisition agreement with GFH Capital at the end of last year. This meant, I believed, that we were in a position to move things forward and complete the transaction in time for the January transfer window.

"Throughout every stage of the process we sought to keep fans as fully updated as possible on the progress of the negotiations.

"I can personally assure each and every supporter that every public statement made regarding the acquisition was made in the utmost good faith.

"Unfortunately, however, some of the consortium's backers ultimately didn't feel able to deliver the financial backing we had hoped was agreed to take the club forward.

"Despite this, the future of this club remains the most important thing to me personally and I remain totally committed to putting the right team and backing in place to ensure that Leeds United can move forward."

Haigh, who joined the board at Elland Road when GFH completed their takeover at Elland Road in December 2012, is still hoping to attract new investors.

Cagliari owner Massimo Cellino has been in talks with the club in recent weeks. His representatives have been seen at the club's Thorp Arch training complex and reports in Italy said he was close to completing a takeover.

Another British consortium is also keen to take control of Leeds, who are searching for the right backers to help lift them back to the top flight for the first time in 10 years.

Former managing director of Manchester United International Mike Farnan heads a British-based group who had an offer turned down in November.

PA

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas
La Famille Bélier is being touted as this year's Amelie - so why are many in the deaf community outraged by it?

Deaf community outraged by La Famille Bélier

The new film tells the story of a deaf-mute farming family and is being touted as this year's Amelie
10 best high-end laptops

10 best high-end laptops

From lightweight and zippy devices to gaming beasts, we test the latest in top-spec portable computers
Michael Carberry: ‘After such a tough time, I’m not sure I will stay in the game’

Michael Carberry: ‘After such a tough time, I’m not sure I will stay in the game’

The batsman has grown disillusioned after England’s Ashes debacle and allegations linking him to the Pietersen affair
Susie Wolff: A driving force in battle for equality behind the wheel

Susie Wolff: A driving force in battle for equality behind the wheel

The Williams driver has had plenty of doubters, but hopes she will be judged by her ability in the cockpit
Adam Gemili interview: 'No abs Adam' plans to muscle in on Usain Bolt's turf

'No abs Adam' plans to muscle in on Usain Bolt's turf

After a year touched by tragedy, Adam Gemili wants to become the sixth Briton to run a sub-10sec 100m
Calls for a military mental health 'quality mark'

Homeless Veterans campaign

Expert calls for military mental health 'quality mark'
Racton Man: Analysis shows famous skeleton was a 6ft Bronze Age superman

Meet Racton Man

Analysis shows famous skeleton was a 6ft Bronze Age superman
Garden Bridge: St Paul’s adds to £175m project’s troubled waters

Garden Bridge

St Paul’s adds to £175m project’s troubled waters
Stuff your own Christmas mouse ornament: An evening class in taxidermy with a festive feel

Stuff your own Christmas mouse ornament

An evening class in taxidermy with a festive feel
Joint Enterprise: The legal doctrine which critics say has caused hundreds of miscarriages of justice

Joint Enterprise

The legal doctrine which critics say has caused hundreds of miscarriages of justice
Freud and Eros: Love, Lust and Longing at the Freud Museum: Objects of Desire

Freud and Eros

Love, Lust and Longing at the Freud Museum