American multimillionaire Preston Haskell makes formal offer for Leeds United

Duncan Castles 18/11/12
KEN BATES can choose between two formal offers for his majority shareholding in Leeds United after the American businessman Preston Haskell bettered a long-standing Bahraini offer for the Championship club.
GFH Capital last week announced an extension to a long-standing ‘exclusivity agreement’ with Leeds, adding that they hoped to announce a change of ownership at Elland Road shortly. However, Bates believes he is not obliged to sell to the Bahraini investment company, and now he has received an alternative proposal for his 72.85% stake in the Championship club.
Haskell, whose wealth is conservatively put at more than £160m, attended Leeds' home fixture with Hull City in September and subsequently held extensive discussions with Bates and various club executives to assess the investment required to achieve promotion to the Premier League. He has promised to make an immediate £10m available to buy players.
GFH Capital's offer for Leeds is for £17m - to be paid in four instalments, with additional payments if the club reaches the Premier League. Haskell has formalised an offer for the club which betters those terms.
“We have discussed a price and a structure for the club post-investment,” said a source close to the deal. “We have been through the books, shown proof of funds, and all the necessary documentation is with Ken Bates. The money to complete the deal is in an account ready to go.”
Bates has a reputation as a tough negotiator. In an effort to obtain the best deal for Leeds United, he is also understood to have listened to an alternative approach from Norwegian agent Einar Baardsen. There is further interest in the Yorkshire club from Saudi Arabia, though the group involved is said to be waiting until GFH Capital's period of exclusivity formally ends before talking to Bates.
In a statement on Friday, GFH Capital's deputy chief executive officer David Haigh attempted to explain why the company had failed to complete a deal despite more than six months of discussions. “The fact that we are in such advanced talks means this extended exclusivity window is merely to ensure we can get past the final post without distraction,” said Haigh. "We are looking forward to what we hope will be a positive statement about change in ownership of Leeds United shortly.”
Neil Warnock, meanwhile, has asked for new signings before the Football League emergency loan window closes on Thursday. Stoke City are considering an approach for defender Ryan Shotton.

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