Am told that Ken Bates is set to remain at Leeds United as part of a partnership deal with GFH Capital. #LUFC GFH Capital, a 100% subsidiary of Bahraini bank Gulf Finance House, has been briefing media that it is close to completing the acquisition of Leeds United. The Islamic finance company - involved in investments talks with the Championship club for most of 2012 - this week reiterated its September statement that “GFH Capital plan on sustained investment in Leeds United following a successful acquisition”. GFH Capital has previously stated its “hope to take back ownership of Elland Road eventually”. It is set to acquire the rights to buy the stadium and Thorp Arch training ground back from leases, but will have to provide as much as £25m of new capital to do so. There is also uncertainty within the club over how much new funding will be made available to manager Neil Warnock to strengthen his playing squad. Warnock, who has already met potential new investors in the club, was loudly criticised by parts of Leeds' travelling support following Tuesday's 1-0 loss at Burnley. As part of the proposed partnership deal, Leeds majority shareholder Ken Bates will remain at Leeds United until at least the end of the season. Well-placed sources say that GFH Capital will have to deliver further payments to completely buy out his interest in the club. Another additional sum is said to be due if the club achieves certain performance targets post-acquisition. A number of alternative options for new investment in Leeds United have been explored. A bid from an affluent American businessman is understood to have been worth a multiple of GFH Capital's offer, but has stalled following recent discussions. At least two other parties are understood to have been assessing the situation with a view to making offers, though those would have to navigate legal complications posed by GFH Capital's exclusivity agreement. Bates recently used his regular Leeds United TV interview to advise supporters to “ignore any rubbish in the newspapers written by people who have not checked their facts and who write speculation”. In a telephone conversation this afternoon, he refused a request to check facts for this article.
Duncan Castles on Twitter 8/11/12
GFH Capital, a 100% subsidiary of Bahraini bank Gulf Finance House, has been briefing media that it is close to completing the acquisition of Leeds United. The Islamic finance company - involved in investments talks with the Championship club for most of 2012 - this week reiterated its September statement that “GFH Capital plan on sustained investment in Leeds United following a successful acquisition”.
GFH Capital has previously stated its “hope to take back ownership of Elland Road eventually”. It is set to acquire the rights to buy the stadium and Thorp Arch training ground back from leases, but will have to provide as much as £25m of new capital to do so.
There is also uncertainty within the club over how much new funding will be made available to manager Neil Warnock to strengthen his playing squad. Warnock, who has already met potential new investors in the club, was loudly criticised by parts of Leeds' travelling support following Tuesday's 1-0 loss at Burnley.
As part of the proposed partnership deal, Leeds majority shareholder Ken Bates will remain at Leeds United until at least the end of the season. Well-placed sources say that GFH Capital will have to deliver further payments to completely buy out his interest in the club. Another additional sum is said to be due if the club achieves certain performance targets post-acquisition.
A number of alternative options for new investment in Leeds United have been explored. A bid from an affluent American businessman is understood to have been worth a multiple of GFH Capital's offer, but has stalled following recent discussions. At least two other parties are understood to have been assessing the situation with a view to making offers, though those would have to navigate legal complications posed by GFH Capital's exclusivity agreement.
Bates recently used his regular Leeds United TV interview to advise supporters to “ignore any rubbish in the newspapers written by people who have not checked their facts and who write speculation”. In a telephone conversation this afternoon, he refused a request to check facts for this article.
GFH Capital, a 100% subsidiary of Bahraini bank Gulf Finance House, has been briefing media that it is close to completing the acquisition of Leeds United. The Islamic finance company - involved in investments talks with the Championship club for most of 2012 - this week reiterated its September statement that “GFH Capital plan on sustained investment in Leeds United following a successful acquisition”.
GFH Capital has previously stated its “hope to take back ownership of Elland Road eventually”. It is set to acquire the rights to buy the stadium and Thorp Arch training ground back from leases, but will have to provide as much as £25m of new capital to do so.
There is also uncertainty within the club over how much new funding will be made available to manager Neil Warnock to strengthen his playing squad. Warnock, who has already met potential new investors in the club, was loudly criticised by parts of Leeds' travelling support following Tuesday's 1-0 loss at Burnley.
As part of the proposed partnership deal, Leeds majority shareholder Ken Bates will remain at Leeds United until at least the end of the season. Well-placed sources say that GFH Capital will have to deliver further payments to completely buy out his interest in the club. Another additional sum is said to be due if the club achieves certain performance targets post-acquisition.
A number of alternative options for new investment in Leeds United have been explored. A bid from an affluent American businessman is understood to have been worth a multiple of GFH Capital's offer, but has stalled following recent discussions. At least two other parties are understood to have been assessing the situation with a view to making offers, though those would have to navigate legal complications posed by GFH Capital's exclusivity agreement.
Bates recently used his regular Leeds United TV interview to advise supporters to “ignore any rubbish in the newspapers written by people who have not checked their facts and who write speculation”. In a telephone conversation this afternoon, he refused a request to check facts for this article.