Leeds United takeover 'days away' says GFH Capital insider
Sport 360 10/11/12
Jon Turner
A source close to Dubai-based Gulf Finance House (GFH) has confirmed that takeover deal for Leeds United Football Club is now days, not weeks away.
The takeover of the Championship club has been described as "imminent" for much of the last three months, but there are now clear signs coming out of the UAE that a deal will be tied up in the coming days.
Sport360° has spoken to a GFH source who has confirmed that the final details are now in place and that it's no longer a case of "if" but "when", with the middle of next week the likeliest date for the completion of a deal now placed at £44million.
Last week, the BBC's Ian Dennis said that a takeover would happen in time for the league game against Watford on Saturday, but it appears that was premature – but only by a few days.
There was considerable speculation – including from Leeds manager Neil Warnock – that the takeover would not take place until after Leeds' Capital One quarter-final clash with current owner Ken Bates' former club Chelsea in December, with people suggesting Bates would like to be in the boardroom for the first game between the two clubs since he assumed control at Elland Road in January 2005.
However, with Leeds desperate for funding to resurrect their promotion hopes, it seems that he will relinquish control this week, bringing an end to one of the most protracted takeover deals in recent history.
Last month, GFH Capital Deputy-CEO David Haigh spoke of his “frustration” at not being able to discuss the deal “due to the confidentiality agreement that’s in place" in an exclusive interview with Sport360°, and has subsequently talked of many late nights to try and push the deal over the line. It appears his efforts have finally reached fruition.
Once the takeover is rubber-stamped, the focus will then turn to strengthening the playing squad in the January transfer window as the club seeks a return to the English top-flight after a nine-year absence.
GFH board member Hisham al-Rayes recently placated fans fears by insisting funds will be made available for Warnock to bring in new additions. "We have a budget in place in addition to the purchase figure to buy better players to achieve promotion to the Premier League,” he said.
Jon Turner
A source close to Dubai-based Gulf Finance House (GFH) has confirmed that takeover deal for Leeds United Football Club is now days, not weeks away.
The takeover of the Championship club has been described as "imminent" for much of the last three months, but there are now clear signs coming out of the UAE that a deal will be tied up in the coming days.
Sport360° has spoken to a GFH source who has confirmed that the final details are now in place and that it's no longer a case of "if" but "when", with the middle of next week the likeliest date for the completion of a deal now placed at £44million.
Last week, the BBC's Ian Dennis said that a takeover would happen in time for the league game against Watford on Saturday, but it appears that was premature – but only by a few days.
There was considerable speculation – including from Leeds manager Neil Warnock – that the takeover would not take place until after Leeds' Capital One quarter-final clash with current owner Ken Bates' former club Chelsea in December, with people suggesting Bates would like to be in the boardroom for the first game between the two clubs since he assumed control at Elland Road in January 2005.
However, with Leeds desperate for funding to resurrect their promotion hopes, it seems that he will relinquish control this week, bringing an end to one of the most protracted takeover deals in recent history.
Last month, GFH Capital Deputy-CEO David Haigh spoke of his “frustration” at not being able to discuss the deal “due to the confidentiality agreement that’s in place" in an exclusive interview with Sport360°, and has subsequently talked of many late nights to try and push the deal over the line. It appears his efforts have finally reached fruition.
Once the takeover is rubber-stamped, the focus will then turn to strengthening the playing squad in the January transfer window as the club seeks a return to the English top-flight after a nine-year absence.
GFH board member Hisham al-Rayes recently placated fans fears by insisting funds will be made available for Warnock to bring in new additions. "We have a budget in place in addition to the purchase figure to buy better players to achieve promotion to the Premier League,” he said.
