Consortium calms fears over Leeds United takeover delay
Insider Media 17/1/14
By Laurence Kilgannon, Yorkshire Correspondent
The consortium led by Leeds United managing director David Haigh has moved to reassure fans that its planned acquisition of a majority shareholding in the club is continuing to move closer.
A share acquisition document has been signed, but Haigh said the process was taking longer than expected as details are ironed out with current majority owner GFH Capital.
Earlier this week, Gulf Finance House, the Islamic Bank parent of GFH Capital, confirmed a deal to sell a stake in Leeds United to a consortium of British investors was close to completion after "extraordinary" trading sparked movements in its share price.
However, it had been expected that a deal would be sealed earlier, with the new investors talking about financing spending in the current transfer window which shuts in a fortnight.
Now, Haigh has moved to thank fans for their patience in light of the delay.
"Since signing the original share acquisition documentation, we have been in continual talks with GFH Capital about the finer details of running the club," said the Championship club's managing director.
"This has been an ongoing process, but I'd like to reassure everyone that we are working towards a successful conclusion sooner rather than later."
Haigh, who passed the Football League's fit and proper person test for directors in 2012, is joined by Andrew Flowers, managing director of Leeds United's main sponsor Enterprise Insurance, as part of the consortium Sport Capital which has signed a share purchase agreement with GFH Capital.
Flowers said: "After a lot of hard work we're almost ready to complete the deal. We have taken the time to ensure the terms of the deal will be in the best interests of everyone who wants to see Leeds United firmly on course for a long-term and sustainable return to the top level of English Football."
Leeds United chairman Salah Nooruddin added: "Everyone is working very hard to bring this to a successful conclusion. Everyone involved has the best interests of the club at heart, and we are all looking forward to the future."
By Laurence Kilgannon, Yorkshire Correspondent
The consortium led by Leeds United managing director David Haigh has moved to reassure fans that its planned acquisition of a majority shareholding in the club is continuing to move closer.
A share acquisition document has been signed, but Haigh said the process was taking longer than expected as details are ironed out with current majority owner GFH Capital.
Earlier this week, Gulf Finance House, the Islamic Bank parent of GFH Capital, confirmed a deal to sell a stake in Leeds United to a consortium of British investors was close to completion after "extraordinary" trading sparked movements in its share price.
However, it had been expected that a deal would be sealed earlier, with the new investors talking about financing spending in the current transfer window which shuts in a fortnight.
Now, Haigh has moved to thank fans for their patience in light of the delay.
"Since signing the original share acquisition documentation, we have been in continual talks with GFH Capital about the finer details of running the club," said the Championship club's managing director.
"This has been an ongoing process, but I'd like to reassure everyone that we are working towards a successful conclusion sooner rather than later."
Haigh, who passed the Football League's fit and proper person test for directors in 2012, is joined by Andrew Flowers, managing director of Leeds United's main sponsor Enterprise Insurance, as part of the consortium Sport Capital which has signed a share purchase agreement with GFH Capital.
Flowers said: "After a lot of hard work we're almost ready to complete the deal. We have taken the time to ensure the terms of the deal will be in the best interests of everyone who wants to see Leeds United firmly on course for a long-term and sustainable return to the top level of English Football."
Leeds United chairman Salah Nooruddin added: "Everyone is working very hard to bring this to a successful conclusion. Everyone involved has the best interests of the club at heart, and we are all looking forward to the future."