Leeds takeover talks 'serious'

Leeds deadline extended

Takeover talks at Leeds are at an advanced stage, says a representative of the consortium hoping to save them from administration.

"I can confirm there's a consortium I have been asked to represent, but we've signed all kinds of confidentiality agreements," said Gerald Krasner.

Krasner, from Bartfields Chartered Accountants in Leeds, added: "I can state we are in serious negotiations with both the club and the bondholders which will be ongoing throughout Tuesday."

Leeds have until 1700 GMT on Friday to raise enough money to satisfy their principle creditors and stave off administration.

Krasner continued: "Our objective is to avoid administration at all costs. I don't think the public realise just what administration would mean for Leeds United."

Q&A: Leeds on the brink

Krasner specialises in corporate recovery, restructuring and insolvency for Bartfields Chartered Accountants in Leeds.

But he confirmed the consortium "would not be looking to do anything on the insolvency front with Leeds".

The consortium looking to take over was rumoured to include former Bradford chairman Geoffrey Richmond, but he has denied any involvement.

If there's a need to help then we'll be looking to see what the players' response will be PFA deputy chief executive Mick McGuire

The names of Property developer Simon Morris, entrepreneur Melvyn Levy and Terry Fisher, a staunch Leeds supporter, who last year failed to take control of Huddersfield when they were in administration, have also been mentioned.

The group of Leeds United bondholders are MetLife and Teachers in the United States as well as British firm M&G, along with the player-leasing agents Registered European Football Finance Ltd.

They are said to be key to any deal and appear to be taking these talks seriously after granting the extension until Friday.

Just because a group is investigating buying the club does not mean it WILL happen From Mark Have your say on 606

Leeds chairman Trevor Birch is exploring every possible way of raising the £3.5m-£5m needed to see the club through to the end of the season.

If talks collapse, asking the players to take a wage deferral may be the only option.