Middle-Eastern investment bank GFH sign agreement to lead takeover of Leeds United

 

The Leeds United Supporters Trust has welcomed news that a Middle-Eastern investment bank has confirmed it is leading a takeover of the club.

Bahrain-based Gulf Finance House (GFH) confirmed this morning in a letter to the Bahrain Stock Exchange that one of their subsidiaries, GFH Capital, had signed an exclusive agreement to lead and arrange the purchase of the club's parent company, Leeds City Holdings.

Leeds revealed in June that they had started negotiations with potential investors, but only last weekend did chairman Ken Bates end three months of silence to confirm talks were at an advanced stage.

And GFH shed further light today when the released the letter, which read: "Further to the news published in the Gulf Daily News on the 25th and 26th Sep 2012, referring to the proposed acquisition of Leeds United Football Club (LUFC), GFH would like to confirm that GFH Capital Limited, a 100% subsidiary of Gulf Finance House, has signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC.

"Due to a confidentially provision, no further details can be given about the commercial terms of the transaction."

And, having lobbied for change on behalf of the Trust since its formation, LUST chairman Gary Cooper expressed his delight at the latest development.

He told Press Association Sport: "This is great news. The Trust has been calling for the potential buyer and the club to say something and this is what we've all been waiting to hear.

"It's been a long, long summer for Leeds fans who have heard very little. We knew these talks were going on and with neither side willing to say anything it's been frustrating.

"So we're really pleased GFH have finally come out and said something. It appears now that this deal is close to being completed.

"We always understood that this was going to be a takeover and we all hope now that the new owners share our ambitions for the club.

"We're hoping for investment in the team and for Leeds United to be glorious again.

"These people are first and foremost businessmen, hopefully sharing our vision, but expecting a return on their investment and the Premier League offers vast riches if the club can get it right on and off the field."

Leeds were making no comment this morning but David Haigh, deputy chief executive officer and chief operating officer of GFH Capital, who is thought to be the frontman of the takeover, wrote on his Twitter account: "Good morning everyone. Thank you for all your messages of support. They are very important to us. £LUFC"

Any takeover of the club would end Bates' seven-year reign which has been dogged by supporter unrest.

Fans have regularly protested against a perceived lack of investment by the 80-year-old former Chelsea chairman.

PA

Have you tried new the Independent Digital Edition apps?
News
i100
News
Bobbi Kristina Brown, daughter of the late singer Whitney Houston, poses at the premiere of
people
News
people
News
The frequency with which we lie and our ability to get away with it both increase to young adulthood then decline with age, possibly because of changes that occur in the brain
scienceRoger Dobson knows the true story, from Pinocchio to Pollard
Voices
The male menopause: those affected can suffer hot flushes, night sweats, joint pain, low libido, depression and an increase in body fat, among other symptoms
voicesSo the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Life and Style
health
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

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen
RuPaul interview: The drag star on being inspired by Bowie, never fitting in, and saying the first thing that comes into your head

RuPaul interview

The drag star on being inspired by Bowie, never fitting in, and saying the first thing that comes into your head