Elland Road for sale

Leeds United chairman Gerald Krasner pleaded with the relegated club's fans to understand the reasons why the board will hold talks to sell their Elland Road stadium.

Krasner pledged that Leeds would stay at the ground after leading a takeover of the financially-troubled club in March but insisted Saturday that a condition of sale would be a 25-year lease.

Leeds have shipped out several high-profile stars to balance the books after the club massively overspent under previous chairman Peter Ridsdale.

"I fully sympathise with the fans, a few years ago we were in the Champions League and next season we're in the First Division, but they have to understand that the financial realities mean that we have to get the financial model right for Leeds to have a long-term, viable future," Krasner said.

"If they look back to the statements made at the time we saved the club from liquidation we had two options: one was to remortgage the ground, one was to do a sale and lease back, but whatever happens football stays at Elland Road.

"We've been in talks with a number of parties and if there is a sale and lease back it will be with a minimum of a 25-year lease.

"Whoever buys Elland Road would get an annual rent. It's the difference between renting your house and paying a mortgage, sometimes paying rent is cheaper than paying a mortgage."

The Leeds chief added that they are pushing for clauses to be included in any sale agreement for an option to extend the lease beyond its original terms and also an opportunity to buy back the ground.

Simon Jose, of the Leeds United Independent Fans' Association, has been unimpressed by the Krasner regime so far and said: "They are selling the club's assets and not generating any income.

"Selling the ground, our prime asset, to someone with no vested interest in Leeds United does not help the club.

"If there is going to be a development on the site it should benefit the club. This simply shows the directors have no ambition in our future."

Krasner defended the actions of his board and maintained that they were slowly bringing the debts down to more manageable levels.

"There were 18 players earning over one million pounds when we came in, the wage bill was over 40 million pounds. The wage bill is down to an 18-million-pound maximum this season and we're nearly there.

"The debts were over 130 million pounds, we're nowhere near that position now."

He would not rule out the prospect of further player sales, and added on Sky Sports News: "There are one or two more players who may be moving on but at the same time players are coming in. We have to redevelop the team for First Division football."