Leeds takeover days away from completion as GFH Capital prepare to assume control
By John Edwards
Leeds United are just days away from acquiring new owners after more fruitful talks paved the way for a long-awaited takeover to go through next week.
Claims that a deal will be ratified by the end of this week are premature, Sportsmail has learned, but prospective owners GFH Capital do expect to be in charge at Elland Road by the middle of next week.
Tuesday and Wednesday are looking the likeliest days for months of careful negotiation to give way to confirmation that the Bahrain-based investment bank have bought chairman Ken Bates’ majority shareholding and assumed control.
Sportsmail understands a major advance towards concluding a deal was made after the recent home game with Birmingham, when GFH bosses met Bates in Monaco and addressed the few issues that still needed resolving.
They are now working on fine detail, and a source close to the takeover said: ‘All the signs are extremely positive, and everyone is optimistic there will be an announcement in a matter of days.’
As Sportsmail exclusively revealed last week, GFH have already promised manager Neil Warnock substantial backing for a spending spree in the January transfer window.
In a move intended to allay any misgivings among Leeds supporters, they have not only provided Bates with the necessary proof of funds but also drawn up details of a separate reserve that has been earmarked for urgently-needed new signings.
Though the exact amount remains confidential, for fear of inflating prices, Warnock has been assured he can have the pick of his New Year transfer targets. In a show of faith based on his track record for taking teams up from the Championship, he has been told no reasonable request for a January signing will be turned down.
GFH are in a hurry to restore Leeds to their former Barclays Premier League status and believe Warnock can deliver their prime objective this season, given backing to strengthen in key areas he has already identified.
They have long since convinced Bates they have the financial clout to complete a takeover and are anxious now to impress on a long-suffering Leeds public their commitment to taking the club forward, after years in the doldrums.
Leeds are lagging behind the play-off places, but there is a steadfast belief that significant January signings allied to Warnock's man-management skills can bridge the gap and carry them back to the Premier League after a nine-year absence.