Thursday, 6th February, 2014
The takeover battle for Leeds United has taken another twist with the news that Andrew Flowers, who had been a part of the Sport Capital consortium keen on buying the club, has pulled out of the bidding.
Leeds' current owners GFH Capital have agreed to sell the Yorkshire giants to controversial Cagliari owner Massimo Cellino, who allegedly tried to sack manager Brian McDermott before the deal has been approved by the Football League.
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Flowers' Sport Capital group had joined forces with another group, Together Leeds, in a bid to halt Cellino's acquisition, but now that looks to have failed.
Flowers said in a statement carried by the BBC: "I entered discussions in good faith to buy this club for the simple reason that I am a lifelong supporter and sincerely believed that I could make a real contribution towards the goal of promotion to the Premier League and at the same time provide the stability and sound financial governance the club desperately needs.
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"However, the emergence of Mr Cellino's bid, and the nature of the transaction, seems to have crystallised the attitudes of both GFH and the Leeds United board, enabling them to dispose of the club with no consideration for its ultimate security and wellbeing.
"In effect, it is a 'fire sale' transaction which is not in the interests of Leeds United, its players, staff or loyal supporters.
"Both myself and my company, Enterprise Insurance, have been enormous financial supporters of the club for the last few years and while we may understand the commercial expediency which leads the owners to accept the superficially attractive Cellino offer, we remain firmly convinced this deal will not give the club the stability or investor commitment it badly needs."
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