Socccer: Former Chelsea chairman offers $26.8m for stake in Leeds

Ken Bates, the irascible, outspoken former Chelsea chairman, wants to make one final foray into big-time football by investing £10 million ($26.8 million) to buy a majority share in Leeds United.

In a move that is likely to stun Leeds supporters, Bates, 73, is understood to have offered the money to become part of a takeover at Elland Rd being attempted by Sebastien Sainsbury.

Sainsbury is the only bidder still involved in talks with the Leeds board, who have been looking to sell or find new investors for the past six months.

Although a deal is still some way from completion, talks about a £25 million buy-out are continuing between Sainsbury and the Leeds chairman, Gerald Krasner.

Bates and Sainsbury, accompanied by brokers and agents, were seen lunching together at the Dorchester Hotel in central London last week. One source said Bates told Sainsbury he would invest £10 million in Sainsbury's consortium in exchange for 51 per cent of Leeds and the role of chairman.

"Ken said he had one more footballing adventure in him," the source said.

Bates could not be reached for comment and Sainsbury declined to discuss any of his business partners or potential partners. "I've got no comment to make about this at all," he added.

Bates stepped down as the chairman at Stamford Bridge 10 months ago after being effectively ousted following Roman Abramovich's takeover.

Under the terms of that deal, which saved Chelsea from financial meltdown and netted Bates a personal windfall of £17 million, Bates was to remain as the chairman until the end of this season, when he would have become a life president.

The appointment of Peter Kenyon as Chelsea's chief executive led to conflict, however, and Bates also cited "a clash of Eastern and Western cultures" as he made an early exit.

Bates has since made an attempt to take control at financially troubled Sheffield Wednesday, but his offers of investment have been rebuffed.

It is not known whether Sainsbury intends to pursue Bates' offer, although any rebuttal might lead to Bates making his own independent attempt to take over at Elland Rd.

Sainsbury has yet to reveal any of the fine detail of his own plans, including the identity of his backers or the precise nature of the technology-based business plan that he hopes will make his takeover sustainable.

He has, however, already earmarked the person he wants to become the next manager at Leeds, if and when he succeeds in taking over.

"There's only one man for the job as I see it," he said. "And that man is Iain Dowie. He has all the abilities I'd want in a manager and all the experience and skills to take Leeds United up from the Championship to the Premiership."

Until Sainsbury actually completes any deal, Crystal Palace fans can rest easy, although the vehemence of his admiration for their manager might be of some concern.

If Sainsbury does complete his buy-out, with or without Bates' money, he would be in a strong position to make an approach.

- INDEPENDENT