A British consortium bidding to take control at Elland Road has accused Leeds’ owners Gulf Finance House of reneging on a deal to sell it 75 per cent of the club’s shares.
Sport Capital, headed by Leeds’ current managing director David Haigh and Andrew Flowers, the managing director of their main sponsors, Enterprise Insurance, had agreed the terms of a buy-out with GFH on November 30.
The consortium had expected the deal to go through in time for funds to be made available for manager Brian McDermott ahead of the January transfer window.
But after undertaking due diligence Sport Capital revised its offer and negotiations between the two parties have broken down.
In a further twist, Sport Capital has also questioned GFH’s “11th-hour decision” to open talks with controversial Italian Massimo Cellino, the owner of Serie A club Cagliari.