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On June 14, GFH Capital loaned £2m to Leeds City Holdings (LUFC parent company) by way of a Mortgage Of Shares
All shares in LUFC were used as collateral. As I see it, that means Bates cannot sell LUFC until he pays back the £2m to GFH Capital.
So the 'exclusivity period' as talked about, is actually a binding mortgage agreement through Leeds City Holdings from GFH Capital.
OK, slight correction on that. The £2m Mortgage of Shares happened on October 5. The June 14 date is a separate matter altogether
It's not simple! GFH C loaned LCH £2m. All shares in LUFC are collateral. Bates can't sell club to anyone until £2m is paid back.

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