Chairman excited by the deal
leedsunited.com 21/11/12
Bright times lay ahead...
Chairman Ken Bates firmly believes that completion of the GFH Capital deal taking over ownership of Leeds United will ensure a bright future for the club.
The GFH Capital agreement was announced on Wednesday morning after months of negotiating and the Dubai-based investment bank will assume 100% ownership after an initial transitional period.
GFH Capital executive David Haigh will join the board with immediate effect with fellow GFH Capital executives Hisham Alrayes and Salem Patel joining in December. The current chairman will remain until the end of the season.
"I've made no secret of the fact that we've been looking for investment since we came in on January 21 2005 and there's been a lot of reasons why that has taken so long," the chairman told Yorkshire Radio.
"One of the reasons has been the chancers and con-men who circulate, and it's been a difficult process weeding out those people. However, we have achieved our target and ambition, and can build on the foundations laid slowly but surely over the past few years.
"We've had plenty of approaches but because of the TV money in the game people are attracted like wasps around a candle.
"GFH Capital are backed by the right resources, including a very wealthy individual. There have been a lot of rumours and wild statements, but we have had to be measured and considered to ensure we don't fall into the trap others have done.
"With this I am confident we will become stronger and proceed more quickly than others have done."
With three new board members set to join over the next month and the current chairman remaining at the helm, the club looks set for an exciting time.
"How does this affect the fans? They're the important ones who need to know what is going on," added the chairman.
"Quite simply GFH Capital will be providing additional working capital for the club and they will also be providing funds to strengthen the team. There has already been a small injection of working capital on Wednesday morning.
"I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off, and enjoying what has been eight years hard work. That's what Suzannah and I chose when we came in and that's what we've got on with."
Bright times lay ahead...
Chairman Ken Bates firmly believes that completion of the GFH Capital deal taking over ownership of Leeds United will ensure a bright future for the club.
The GFH Capital agreement was announced on Wednesday morning after months of negotiating and the Dubai-based investment bank will assume 100% ownership after an initial transitional period.
GFH Capital executive David Haigh will join the board with immediate effect with fellow GFH Capital executives Hisham Alrayes and Salem Patel joining in December. The current chairman will remain until the end of the season.
"I've made no secret of the fact that we've been looking for investment since we came in on January 21 2005 and there's been a lot of reasons why that has taken so long," the chairman told Yorkshire Radio.
"One of the reasons has been the chancers and con-men who circulate, and it's been a difficult process weeding out those people. However, we have achieved our target and ambition, and can build on the foundations laid slowly but surely over the past few years.
"We've had plenty of approaches but because of the TV money in the game people are attracted like wasps around a candle.
"GFH Capital are backed by the right resources, including a very wealthy individual. There have been a lot of rumours and wild statements, but we have had to be measured and considered to ensure we don't fall into the trap others have done.
"With this I am confident we will become stronger and proceed more quickly than others have done."
With three new board members set to join over the next month and the current chairman remaining at the helm, the club looks set for an exciting time.
"How does this affect the fans? They're the important ones who need to know what is going on," added the chairman.
"Quite simply GFH Capital will be providing additional working capital for the club and they will also be providing funds to strengthen the team. There has already been a small injection of working capital on Wednesday morning.
"I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off, and enjoying what has been eight years hard work. That's what Suzannah and I chose when we came in and that's what we've got on with."