GFH Capital’s £52m takeover of Leeds United on verge of completion

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Yorkshire Evening Post 18/12/12
By Phil Hay
GFH Capital’s takeover of Leeds United appeared to be entering its final stages today after high-level talks between the firm’s representatives and Football League officials in Preston.
GFH Capital deputy chief executive David Haigh and company director Salem Patel attended the Football League’s headquarters on Monday (December 17) in preparation for their buy-out of Leeds from existing chairman Ken Bates later this week.
Bates is due to relinquish his majority stake in United on Friday morning with GFH Capital acquiring a 100 per cent shareholding and establishing itself as outright owner of the Championship club.
The Dubai-based firm already holds a 33.33 per cent stake having completed the first stage of its purchase on November 20.
Haigh joined the board at Elland Road last month and Patel and another of GFH Capital’s employees, Hisham Alrayes, will be named as United directors once the company’s £52million takeover is officially complete.
The Football League approved the appointment of all three men on December 8 and yesterday’s meeting in Preston was arranged to formally introduce GFH Capital’s staff to the governing body and address technical aspects of the takeover.
Haigh and Patel, who both watched Saturday’s 2-0 win over Ipswich Town, were joined in Preston yesterday by Leeds chief executive Shaun Harvey, himself a member of the Football League’s board.
Harvey is to stay in his post at Elland Road following GFH Capital’s buy-out, with Bates retaining the position of chairman until the end of the season.
The 81-year-old has led the board at Elland Road since January 2005.

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