SOLD

The Guardian

Leeds United's board expects to complete the sale of the club this week, provided the interested consortium delivers proof of its funding in the next 24 hours.

Michael Lucas of the US-based investors Nova Financial Partners watched Leeds's 2-0 defeat by Wigan on Sunday from the directors' box, where it is understood informal negotiations were held.

"As soon as we are happy that what has been said verbally can be done in reality for the benefit of Leeds United, something will happen," the Leeds chairman Gerald Krasner said yesterday.

"We're not going to say anything more on record because you have to bear in mind there have been 13 or 14 previous consortiums. I'm not prepared to put a timescale on it because if we do we raise fans' expectations and if there is a hitch everyone will be on our backs."

It is understood that the club directors expected last week to earn £2m from the sale and retain two seats on the board .

The consortium expects to pay off the £13m debt to the property firm Trefick, owned by the former Watford chairman Jack Petchey, and a further £9m outstanding to the Inland Revenue immediately as part of the £25m takeover.