A proposed takeover of Leeds United has fallen through.

David Haigh, MD of Leeds United Football Club, led the takeover consortium who were expected to acquire a minimum of 75% stake through his company, Sport Capital.

Sport Capital have been working on this takeover bid for Leeds United, one of the most famous names in English football, since late Summer 2013. The consortium was due to complete the takeover in time for the end of the January transfer window. However the takeover became derailed when the current owners commenced discussions with a third party despite there being a legally binding conditional agreement in place with the consortium

Liverpool based Ascot Property Group, along with investors from Dubai Monaco and Majorca, were one of the parties involved in the Sports Capital consortium. Ascot Property Group are disappointed that the deal has fallen at the final hurdle. Ascot’s involvement in the takeover was strictly property related and not in football related matters where the transaction fell apart. Ascot Propertye Group advised by Neil Kelly and the property and corporate teams at MSB Solicitors had committed substantial funds and time to the takeover deal.

Stuart Howard, Head of Property, at Ascot property group commented “ We have spent many months working with the Sports Capital consortium to acquire Leeds United Football Club. Meetings have been held over 2 continents on and the deal was so close to being closed. David Haigh, Leeds United MD & Andrew Flowers [Enterprise Insurance – the current shirt sponsor for Leeds United] Who led the consortium have been a pleasure to work with and we developed an excellent working relationship with them over the past 6 months and like us they are also devastated by events. Sadly though the takeover has now collapsed and we want to move forward with other property development transactions we are currently involved in

Talks between the two parties reached an impasse when Sport Capital submitted a revised offer for 75 per cent of the club’s shares after completing due diligence and certain consortium members withdrew their support for the transaction.

Chairman of the Ascot Property Group, Terry Riley was unavailable for comment but Stuart Howard added “ We are all saddened that this deal has not worked out but we had done what was asked of us in delivering our time and money on this deal. We could not have been more committed to the cause. We would lastly like to wish all concerned at Leeds United Football Club the best of luck for the future. This is a great club with an amazing history and a fantastic fan base and let’s hope we see them back in the Premier League in the very near future.”