By Rich Baggott
November 16 2004

The Takeover of Leeds United by American based 'Nova Financial Partners' looks set to be resumed this week. news filtering out at present is that Sebastian Sainsbury is still every bit as determined to purchase the cash strapped club. Speculation has been rife that the deal that was official halted by the club on Friday was still happening in the background and the apparent silence by Sainsbury and Nova has only fuelled the rumours.

The first clarification has been published today to indicate that Sainsbury is still trying to rescue a deal with sources close to the businessman quoted as saying that he is working to move £25m to a UK bank account.

News broke towards the end of last week that 'Due Diligence' was creating problems with the Take-over, which would explain the problem with the finances. There seems to be a lack of trust between both parties and is can be seen why both are so cautious to proceed. It is unlikely that many businesses would be happy to provide funding for a deal without Due Diligence being satisfied, as there are various risks associated with the signing of contracts. An organisation could have found itself dragged through the courts to honour a contract and lost money so finance may not be put in place until the sale has been agreed.

If the rumours are to be believed, Sainsbury is prepared to take a risk and his financial backers are moving the required funds with a view to acquiring the club before the weekend. The news will be welcomed by the majority of fans who are unhappy that Elland Road was sold so easily and are losing faith with the present United Board. Sainsbury was quoted on Friday saying if the deal went through, he would immediately buy back the ground and begin talks to purchase the Training Academy.

In other news, Leeds have yet to confirm the signing of Icelandic attacking midfielder, Gylfi Einarsson. The player, who is available on a free transfer, is understood to have held talks between Leeds and Cardiff and it is thought a move to the Yorkshire club has been favoured and is now imminent.