GFH Capital announces three-year deal with former Reading boss Brian McDermott
Dubai-based GFH Capital, owners of English football club Leeds United, have confirmed the appointment of Brian McDermott as the club's new manager with immediate effect.
The company, which purchased the club from majority shareholder Ken Bates at the end of last year, said McDermott has agreed a three-year contract and will be joined by Nigel Gibbs as his assistant.
The pairing previously worked together at Reading, where McDermott won promotion to the Premier League last season.
Neil Warnock left Leeds United earlier this month with six games of the season to play after a disappointing run of results.
David Haigh, deputy chief executive of GFH Capital, said: "We are delighted to have appointed Brian as our manager. He is a man with a proven track record of success and shares our vision of the best way to return long terms and sustainable success to this great football club.
"Obviously the immediate aim is a return as soon as possible to the Premiership. Brian's success in taking Reading to the Premiership last year was a key factor in our decision to hire him."
The new management team met the players for the first time on Friday ahead of the weekend game against Sheffield Wednesday.
Haigh said McDermott brings with him the experience of having clinched promotion from the Championship last season when he guided Reading to the Premier League for the second time in the club's history.
The 52-year-old had spent 12 years at Reading before parting company with the club earlier this season.
Last month, GFH Capital, a unit of Bahrain's Gulf Finance House, sold a 10 percent stake to Bahrain’s International Investment Bank (IIB) for an undisclosed amount just three months after acquiring the team.