Leeds United takeover agreed
The acquisition of Leeds United Football Club by Dubai-based investment bank GFH Capital has been confirmed.
The takeover of Leeds United Football Club by GFH capital has been confirmed and will take effect in full on December 21st.
Sales negotiations have concluded with an agreement that will see the Dubai-based investment bank taking 100 per cent ownership after a transitional period, with GFH Capital executive David Haigh joining the football club board immediately.
He will be followed in December by GHF executives Hisham Alrayes and Salem Patel, while current chairman Ken Bates will remain in post until the end of the current football season in May 2013.
Speaking to Yorkshire Radio, Mr Bates said new investors have been sought since he took over the club in 2005 and noted it has taken a long time to find the right buyer.
"One of the reasons has been the chancers and con-men who circulate and it's been a difficult process weeding out those people," he stated.
The club was taken over by Mr Bates while suffering from severe financial trouble after running up large debts under the chairmanship of Peter Ridsdale in the early 2000s, leading to the club having to sell players and suffering relegation from the cash-rich Premier League.
Posted by David Gleck