Sainsbury pledges to offer proof of Leeds bid funding

Sebastian Sainsbury insisted yesterday that he would provide proof of the funding required to proceed with his takeover bid for Leeds.

Sainsbury said he would fulfil the demands of the club's current board by Monday, enabling both parties to take negotiations for the £25m deal to the next stage.

"In light of Gerald Krasner's request following their board meeting, I am in the process of finalising the proof of funds to be delivered to him by Monday," Sainsbury said. "While I don't really see the point, given our offer of £500,000 cash in the form of a non-refundable deposit, I am going to adhere to the demands of the board."

Sainsbury's promise followed growing unease in Leeds about the status of this latest bid for the financially stricken Champion-ship club. Sainsbury would make no comment on the financial structuring of the deal nor the involvement of the Tampa Bay telecommunications executive Burl Sheppard, who has been linked with a number of failed companies, including one with a multi-million dollar bankruptcy order against it.

Krasner would not comment but is known to be exasperated by what he perceives as yet another potential suitor conducting a campaign through the media. Leeds' plc board are ready to convene at a moment's notice to discuss the Sainsbury consortium's offer once the all-important proof of funding has been delivered.

The exact status of the £500,000 deposit is currently unknown, with both sides acknowledging its existence but disputing the conditions under which it was to be accepted.

Meanwhile, David Healy's move to Leeds was completed yesterday after the Northern Ireland striker agreed personal terms and passed a medical.