Leeds chairman hails GFH Capital takeover

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.