Leeds United on verge of takeover

 

Bahrain-based investment bank GFH Capital are poised to complete their takeover of Leeds, the two parties have said today.

GFH Capital have provided Leeds owner Ken Bates with the necessary proof of funds to complete the transaction, which has been in the pipeline since May when talks between the two first began.

Speaking this morning, Bates said: "It's been a long road, but we are in a good place. Both sides have been in talks over the last few days to finalise this deal. We are keeping focused and hope to complete very soon.

"The inaccurate reporting of certain journalists who will remain unnamed does not help the situation.

"Their articles, based upon a lack of knowledge of the intricacies of the deal and the full facts of the positive intentions of GFH Capital, achieve little and lead only to retractions or public apologies at a later date."

GFH Capital announced last month that they had signed an exclusive agreement to lead a takeover of Leeds after they had notified the Bahrain stock exchange.

GFH Capital's deputy chief executive officer David Haigh said: "With the money in place, we are poised to make this deal happen pending agreements and arrangements which are in the interests of the future of Leeds United - we need to make sure all the finer detail is addressed before trading signatures.

"Despite what has been said recently in media, both sides continue to talk regularly and continue to work hard to get the job done."

GFH Capital director and chief investment officer Salem Patel added clarification that the operation of the club would not be hindered by Shari'ah law, owing to GHF's Islamic background, saying: "We understand there is some concern related to how Leeds United would be run under our stewardship.

"It remains important to be clear that Shari'ah law will not hinder this transaction, nor will it affect the future operations of the club.

"Our intention is to provide investment which will facilitate a successful and sustainable future for Leeds United on and off the pitch."

Former Chelsea chairman Bates, 80, who took control of Leeds in 2005, has become increasingly unpopular with a growing number of fans due to a perceived lack of investment in the playing squad.

In April last year Bates announced he had bought a controlling 72.85% stake of the club's shares from a Geneva-based company, Forward Sports Fund, while the club have made pre-tax profits of more than £10million since the summer of 2007.

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935
The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border
Doris Lessing: Acclaimed novelist was kept under MI5 observation for 18 years, newly released papers show

'A subversive brothel keeper and Communist'

Acclaimed novelist Doris Lessing was kept under MI5 observation for 18 years, newly released papers show
Big Blue Live: BBC's Springwatch offshoot swaps back gardens for California's Monterey Bay

BBC heads to the Californian coast

The Big Blue Live crew is preparing for the first of three episodes on Sunday night, filming from boats, planes and an aquarium studio
Austin Bidwell: The Victorian fraudster who shook the Bank of England with the most daring forgery the world had known

Victorian fraudster who shook the Bank of England

Conman Austin Bidwell. was a heartless cad who carried out the most daring forgery the world had known
Car hacking scandal: Security designed to stop thieves hot-wiring almost every modern motor has been cracked

Car hacking scandal

Security designed to stop thieves hot-wiring almost every modern motor has been cracked
10 best placemats

Take your seat: 10 best placemats

Protect your table and dine in style with a bold new accessory