Dubai firm "confirm" Leeds United takeover
- last updated Thu 27 Sep 2012
After months of speculation it has been confirmed that a Dubai-based
consortium is to takeover control of Leeds United. GFH Capital Ltd,
which is a subsidiary of the Bahrain investment bank Gulf Finance House,
has confirmed that it has signed an exclusive deal to acquire Leeds City
Holdings, the parent company of Leeds United. News of the deal was
confirmed in a letter from GFH to the bahrain Stock Exchange.
It comes just days after senior GHF Capital members sat alongside Leeds
United chairman Ken Bates in the director's box at Elland Road as the
club inflicted a 2-1 defeat on Nottingham Forest. Among their number
were life-long Leeds United fan David Haigh, deputy chief executive of
GFH Capital Limited, and Salem Patel, a board member at the private
equity company. Both men had previously attended Elland Road for
United’s victory over Wolverhampton Wanderers on the first day of the
season.
They were accompanied by Hisham Alrayes, another prominent employee of
GFH Capital Ltd who also works as acting chief executive officer for
Gulf Finance House.
"GFH would like to confirm that GFH Capital Limited, a 100%
subsidiary of Gulf Finance House, has signed an exclusive agreement to
lead and arrange the acquisition of Leeds City Holdings, the parent
company of LUFC.
"According to a recent study released by Deloitte, LUFC is one of
the best supported clubs in English football with a higher average match
day attendance than most Premier League teams.
"In addition, LUFC has a lareg and passionate fan base and a rich
history of success in English football over the last 40 years.
"Football teams in England have recently received a significant
revenue boost due to the re-negotiation of broadcasting rights and it is
expected that from next season each team in the Premier League will
receive a minimum of £60million per season due to the increase in
broadcasting rights.
"LUFC would also benefit from this if it can achieve promotion to
the Premier League.
"Due to a confidentially provision, no further details can be given
about the commercial terms of the transaction."
– Nabeel Mirza, Compliance Manager GFH
The financial future of the Elland Road club has been up in the air
since Leeds revealed, on June 26, they had granted exclusivity to a
potential investor.
Details remained thin on the ground after that, until current owner Ken
Bates broke his summer-long silence after the Forest game by admitting
he was in talks with a group from the Middle East. The takeover of Leeds
would end Bates` seven-year reign which has been largely dogged by
supporter unrest. Protests have regularly been staged against the
former Chelsea owner for a perceived lack of investment. So far there
has been no comment from the club about the takeover.
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