Confirmed Leeds United Takeover has Collapsed

The takeover of Leeds United by Sport Capital has collapsed owing to a lack of "financial backing", leaving the club's future unresolved and uncertain amid speculation that two separate groups remain interested. Leeds managing director and head of the Sport Capital consortium, David Haigh, released a statement on today stating that it was unable to complete a deal despite two months ago agreeing to purchase a 75% stake in the club from the owners Gulf Finance House. Haigh claimed he and Sport Capital had "injected substantial sums into the club to ensure its viability" but earlier in the week fellow consortium member Andrew Flowers, the managing director of Leeds' shirt sponsor Enterprise Insurance, stated that GFH had "breached their covenant with us" after inviting a rival bid from Massimo Cellino, the president of the Serie A club Cagliari. Cellino has been strongly linked with a takeover although another consortium are also reportedly interested in securing a majority shareholding in the club.Haigh's statement read: "We signed a share acquisition agreement with GFH Capital at the end of last year. This meant, I believed, that we were in a position to move things forward and complete the transaction in time for the January transfer window. "Unfortunately, however, some of the consortium's backers ultimately didn't feel able to deliver the financial backing we had hoped was agreed to take the club forward. "I have met many, many potential investors over the past year and, sadly, while many are keen to talk the talk, they have been unable or unwilling to deliver in financial terms."