Shepherd To Take Over At Leeds?

He has already had discussions with Bates, the owner of the Yorkshire club, and takeover negotiations are believed to be at an advanced stage (or so says the Sunday Mail).

Shepherd and Bates were spotted dining together on Tyneside last week and independent sources have confirmed that Bates could be willing to sell — and that Shepherd is ready to buy.

Shepherd made more than £37.6million by selling his family's 28 per cent stake in Newcastle to billionaire Mike Ashley.

However, the sale process, to Shepherd or any other party, will take some time.

First, the old football club company, Leeds United Association Football Club Ltd, will be taken from administration into liquidation, either by administrators KPMG or another firm.

The money received from Bates for the club will then be used to pay off non-football creditors at a reported rate of about 11p in the pound.

Once that hurdle is overcome, the club, now under the banner of Leeds United 2007 Ltd, a company in which Bates and allies Shaun Harvey and Mark Taylor are directors, will be able to re-apply for full FA membership.