Leeds stay open to possibility of Middle East bid

After a dramatic day that began with suggestions that a takeover deal involving a Middle East consortium had collapsed, the Elland Road hierarchy admitted that an exclusivity period granted to the group had expired.

In an official statement, Leeds made it clear they remained “happy to continue discussions” but that other potential investors were now welcome to enter the fray.

A North American group were the first to approach the Championship club over a possible involvement towards the end of last season.

As those discussions continued, representatives of the Chicago-based group toured both the club’s stadium and their Thorp Arch training basis.

Talks stalled soon after, however, to pave the way for the Gulf-based consortium to take the lead and subsequently be granted an exclusivity period – meaning no talks could take place with a rival bidder – on June 26 to undertake due diligence.

The development suggested that a takeover deal – including a buy-out of the 72.85 per cent stake owned by chairman Ken Bates – had been agreed in principle.

Despite yesterday’s events, the ball still seems to be firmly in the court of the Middle East group if they wish to try to revive the deal.

The club’s statement read: “Leeds United announces that the exclusivity period granted to a potential investor as mentioned in the statement of June 26 has ended.

“The club remain happy to continue discussions, but not on an exclusive basis, so as not to prevent other options passing.

“The first priority must be to ensure that the credibility of any future investor or ultimate owner is such, that the Leeds legacy and its future is in safe hands, back in the Premiership.

“The club will continue to be receptive to approaches from potential new partners who can establish that they have the necessary credentials. The club will be making no further comment at this stage.”

The identity of those involved in the Middle East consortium has been a closely guarded secret ever since news first broke of their interest in June. Sheikh Abdulrahman bin Mubarak Al-Khalifa – the man who led a failed takeover of Leeds United in 2003 – has been named in the Bahrain media as an adviser.