Leeds chairman hails GFH Capital takeover

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Getty Images)

(Getty Images)

Leeds United chairman Ken Bates has said new owners - Dubai-based GFH Capital - will be providing additional capital for the club and also be putting in funds to strengthen the team.

He said the deal with GFH Capital, a subsidiary of Bahrain-based investment bank Gulf Finance House, which was announced on Wednesday, would ensure a bright future for the Championship club.

"I've made no secret of the fact that we've been looking for investment since we came in on January 21 2005 and there's been a lot of reasons why that has taken so long," Bates said in comments published by Yorkshire Radio.

"We've had plenty of approaches but because of the TV money in the game people are attracted like wasps around a candle.

"GFH Capital are backed by the right resources, including a very wealthy individual... With this I am confident we will become stronger and proceed more quickly than others have done."

He added: "GFH Capital will be providing additional working capital for the club and they will also be providing funds to strengthen the team. There has already been a small injection of working capital on Wednesday morning."

The deal sees GFH Capital executive David Haigh joining the board with immediate effect with fellow GFH Capital executives Hisham Alrayes and Salem Patel joining in December.

On Wednesday, Haigh, deputy CEO of GFH Capital, said: “After a long process of negotiations, spanning Leeds, London, Monaco, Dubai and Bahrain, it gives us great pride to have completed the deal for Leeds United.

“We have today injected further funds into the club and now we look to the future and start the exciting journey to take Leeds United FC back into a prime position in English football once again,” he added.

Related:

Market Performance

Gulf Finance House - Bahrain
0.196
-0.0080 -3.92 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Attention European leagues - it's called the World Cup

Attention European leagues - it's called the World Cup

Qatar 2022 winter tournament is blow to top leagues which are...

6
Revealed: Inside the business of polo

Revealed: Inside the business of polo

The UAE’s wealthy businessmen and royals have fallen so in love...

Is this the end of F1?

Is this the end of F1?

By this time next year, five of the current 11 Formula One teams...

6
Most Discussed
  • 8
    Has Narendra Modi already lost the plot?

    Do something for your country instead of giving an overview from outside the country. This article does not have indepth view of the policies announced... more

    Thursday, 26 March 2015 2:47 PM - umas
  • 4
    Nakheel PR: The toughest job in Dubai?

    I would suspect the damage is done. Nakheel should have put its customers first and made them allies. Instead, it has treated them as second-class citizens... more

    Friday, 27 March 2015 2:42 AM - Chris
  • 3
    Drunk passenger who slapped air stewardess jailed in Dubai

    @Nezaud is 100% correct. Infact I think it is utter hypocrisy for airlines to complain about Drunken passengers when it is they (the airlines) who are... more

    Friday, 27 March 2015 2:42 AM - Robert Carter