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

-
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.

Popular posts from this blog

The huge initial fee Leeds are set to receive for Crysencio Summerville’s move to West Ham — Leeds United News 31/7/24

-
Will Butcher West Ham United are closing in on a deal to sign Crysencio Summerville from Leeds United, and Ben Jacobs has shared how much Leeds will receive for the Dutchman. The 22-year-old has been strongly linked with the Elland Road exit door all summer and was targeted as the one big sale Leeds needed to make before the Profit & Sustainability Rules deadline this month. But instead, Leeds sold Archie Gray for £40m to Tottenham. Leeds have since sold five more players in the form of Diego Llorente, Marc Roca, Kris Klaesson and Charlie Cresswell – raking in around £60m in total. But more exits were always likely and Fabrizio Romano reported on Wednesday afternoon that West Ham had agreed personal terms with Summerville, and talks for a fee were ongoing with the Yorkshire side. Now, the story has moved on with multiple sources claiming a deal is done between Leeds and Angus Kinnear’s old club. The Dutchman is expected to sign a five-year at the London Stadium, until Jun...
Read more

Leeds United board break silence after transfer window with statement on upcoming Elland Road development — YEP 2/9/24

-
By Joe Donnohue Leeds United have confirmed supporters' commemorative stones at Elland Road's Centenary Square will be replaced free of charge in a bid to improve their longevity. Beginning next month, Leeds supporters' personalised stones will be replaced with exact replicas, courtesy of a new company, to ensure of a 'much better quality' installation. The work is expected to take around two months to complete. An official club statement confirmed 'three larger stones dedicated to former managers Don Revie, Howard Wilkinson and Marcelo Bielsa' will also be installed, 'similar to those located in Bremner Square', while additional space for supporters to purchase new stones has also been factored into the project. “The club have taken on board recent feedback from supporters on the stones at Centenary Square, and we are really happy that we can now announce that all of the stones will be replaced," chief executive Angus Kinnear confirmed,...
Read more

Leeds United transfer state of play as Whites knock back low bid and assert wing pair stance — YEP 3/7/24

-
By Graham Smyth Leeds United are not actively looking to cash in on Crysencio Summerville and Willy Gnonto and believe any further outgoing transfer business will be done on their terms. The Whites, who sold Archie Gray to Tottenham Hotspur on Tuesday for £40m, expect that there will be continued interest in wing pair Summerville and Gnonto as the summer transfer window progresses. Summerville has been a target for Premier League side Brighton and Hove Albion but their interest has not yet materialised into a bid. The Albion did, however, send a £30m proposal for Georginio Rutter, which Elland Road chiefs rejected. Rutter is not expected to try and force an exit this summer and appears settled at Leeds after a far more positive second season in English football. The sale of Gray has helped put Leeds into a position where they do not need to sell star players and can dictate any moves that do happen. Club sources say they are not actively looking to sell the likes of Summerville o...
Read more