GFH Capital Complete Leeds Takeover
Thu 22nd Nov 2012 | Clubs Ownership
Leeds United have confirmed Dubai-based investment bank, GFH Capital Limited has signed a deal for the acquisition of the club.
The signing of this deal marks the start of a one-month transitional period in terms of full change in ownership and control of the club.
The deal, following Football League approval, will see GFH Capital Limited become 100% shareholders with Ken Bates remaining as Chairman until the end of the season after which he will become club President.
GFH Capital executive David Haigh will join the board of Leeds United with immediate effect with fellow GFH Capital executives Hisham Alrayes and Salem Patel joining in December as the leadership of the club is further strengthened.
Speaking of the news Bates said: "I can confirm we have now completed all the negotiations with GFH Capital. We have completed the first part of the purchase and they will be taking over 100 per cent of the club. Meanwhile, there is a transitional period while they get to know more about the club.
"One thing I can say that has benefited from the negotiations is that this six-month courtship has given GFH Capital the opportunity to see the strengths and weaknesses and what needs to be supported. You can look forward to a smoother transition than we've seen at a lot of clubs.
David Haigh, Deputy CEO, GFH Capital Limited said: "After a long process of negotiations, spanning Leeds, London, Monaco, Dubai and Bahrain, it gives us great pride today, to have completed the deal for Leeds United.
"A brief but important transitional period now begins in terms of the changeover of ownership: we have today injected further funds into the club and now we look to the future and start the exciting journey to take Leeds United FC back into a prime position in English football once again.
Posted by: Aaron Gourley
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