Earlier this week the consortium led by Sainsbury provided proof of funding to Leeds’ chairman Gerald Krasner and the United board.
It resulted in a joint statement issued on Tuesday by Leeds and Nova Financial Partners, the American group looking to buy the club, with both parties expressing hopes the matter would be resolved by 1pm today.
Behind the scenes, lawyers representing the two groups have worked round the clock and although contracts have been signed, problems have arisen which centre around the process of "due diligence".
In layman’s terms it is fully understanding all the obligations of a particular company, which includes factors such as debts, leases, warranties, customer agreements and employment contracts.
In the event, the funds for the takeover that should have been transferred last night have not been released as no bank will sanction such a transaction unless due diligence has been completed.
It resulted in a joint statement issued on Tuesday by Leeds and Nova Financial Partners, the American group looking to buy the club, with both parties expressing hopes the matter would be resolved by 1pm today.
Behind the scenes, lawyers representing the two groups have worked round the clock and although contracts have been signed, problems have arisen which centre around the process of "due diligence".
In layman’s terms it is fully understanding all the obligations of a particular company, which includes factors such as debts, leases, warranties, customer agreements and employment contracts.
In the event, the funds for the takeover that should have been transferred last night have not been released as no bank will sanction such a transaction unless due diligence has been completed.