Freddy Shepherd is continuing to show interest in buying a share of Leeds United, but the club is insisting that he won’t be allowed to take us over.

Shepherd has had around £37million burning a hole in his pocket since he sold his shares in Newcastle to Mike Ashley earlier in the year, and he recently confirmed that he was ready to resume his involvement with professional football, describing the sport as "a powerful drug".

He first asked Ken Bates about the possibility of investing in Leeds when the pair had dinner together last September, and he  is understood to have met with Bates again in Monaco last week, along with his son Kenneth, and Shepherd would look to acquire at least a 25 per cent stake to make his investment worthwhile, but would not be allowed to take his holding beyond the 49 per cent. Bates intends to retain at least 51 per cent of the club's shares, to leave himself with a controlling interest, but he has been seeking serious investment ever since his arrival at Elland Road, and the recent discussions between the 75-year-old and Shepherd suggest a deal is increasingly likely.

In the programme for the Hereford FA Cup replay Bates claimed that Leeds are attracting a lot of interest from serious investors, and joked that he was tempted to “take the money and run”. But it is highly unlikely that he will sell out before next July, because of the 'anti-embarrassment clause' within the agreement whereby he bought the club back from the administrators. This means that if he sells the club within 12 months of the re-purchase date, 50 per cent of a takeover fee above £5million would be shared among the club's creditors.

According to the Yorkshire Post, Bates is continuing to pursue ambitious plans to develop the area surrounding Elland Road, as he did with Stamford Bridge during his time as Chelsea chairman, and he would place a high price on the debt-free club. It is understood that a 25 per cent stake could cost Shepherd as much as £10million. And the paper claim that sources at Elland Road claimed that an agreement between Bates and Shepherd was "a long way" from being finalized.  United chief executive Shaun Harvey said: "We've previously stated that investment would be welcomed. A takeover is not an option."

The former Newcastle chief has other options and he could yet be drawn to another English club. He has also been linked with Sheffield Wednesday this week, and is also understood to have considered a bid for Ipswich Town, but his interest in Leeds is serious.

The bad news for Shepherd is that a poll on the Yorkshire Post’s website shows that only 8% of fans want to see him in sole charge of the club, compared to the 32% who are happy with the status quo, and only have eyes for Ken Bates. And while 16% of us would like to see both Bates and Shepherd involved, the largest vote (44%) is for neither of the gruesome twosome to run the club! I’ll place myself in the latter camp, as although Ken is keeping the club afloat for the time being, the club won’t really move forward until next summer, when he can sell up to someone with the resources to take us back to the Premiership.

Photo: Action Images

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