Nothing but negotiation

The Gap Partnership

Leeds United takeover completed

The takeover of Leeds United Football Club has been formally completed.

21 December 2012

The takeover of Leeds United Football Club by Bahraini private equity group GFH Capital has been officially completed.

Business negotiations between the group and current owner Ken Bates have brought about a phased management handover, with Mr Bates remaining as club president until the current football season ends in May.

GFH executive David Haigh joined the board earlier this month and is now joined by Salem Patel and Hisham Alrayes.

Mr Patel told BBC Radio Leeds: "What we want to do is create a successful but sustainable club and I think every fan will be with us."

The new owners are keen that the club should return to the money-spinning Premier League, from which the club were relegated in 2004 after heavy overspending left it in debt and needing to sell its best players.

GFH are estimated to have paid £52 million for the West Yorkshire club, who have been champions of England three times.

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