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Leeds United: Elland Road club wait on news of Thorp Arch deal
Leeds United were today hoping to see Leeds City Council conclude its purchase of the club's training ground at Thorp Arch.
The council had until this evening to exercise the buy-back option which United agreed on Thorp Arch when they sold the property to private developers five years ago, but the deal was still to be finalised this morning.
Leeds City Council was planning to buy the state-of-the-art complex for around 6m and rent it back to Leeds, with the club having the option to acquire the site in 14 years' time or earlier if they can raise the necessary funds.
The local authority has been carrying out due diligence this week and the deal also needs the approval of the Football League.
United intend to use a portion of their central income from the Football League to guarantee their lease agreement with the council, a plan which the League described as "not uncommon". Were the council to fail in its attempt to tie up the deal today, United would be forced to request an extension to the buy-back clause from Thorp Arch's owners, Barnaway Ltd.
Leeds' existing lease runs until 2029 and gives them use of the facility until then, but they would have no exclusive right to purchase the property in future years if the buy-back option expires.
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Weather for Leeds
Wednesday 08 February 2012
Today
Cloudy
Temperature: -5 C to 2 C
Wind Speed: 9 mph
Wind direction: North
Tomorrow
Light sleet
Temperature: 0 C to 1 C
Wind Speed: 8 mph
Wind direction: South
