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The Gap Partnership

Leeds United takeover 'imminent'

Leeds United are said to be close to being taken over by a private equity group from Bahrain.

08 November 2012

The takeover of Leeds United football club by Bahraini private equity group GFH Capital is expected to be completed imminently.

BBC Radio Five Live senior football reporter Ian Dennis has said it is believed a deal is all but in place, commenting: "It's now a question of the formalities."

The business negotiations have been taking place since May this year, with Leeds chairman Ken Bates blaming GHF's lawyers for delays in the process.

Mr Bates owns 72.85 per cent of the club, having taken it over in 2005.

The £244 million acquisition may help revive the fortunes of a company whose on-field fortunes nosedived in the early 2000s after it financially overstretched itself when buying players under former chief Peter Ridsdale. 

As a result, the club was forced to sell its best players and was relegated in 2004, with this causing a further loss of revenue from Premiership sponsorship and TV money.  
 

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