Dubai-based GFH Capital Limited is reportedly planning to takeover English football club Leeds United and is not acting for a consortium of wealthy Gulf investors, it has been reported.
A company source has been quoted as saying that GFH Capital will itself be funding the deal to buy the Championship club.
The firm was originally thought to be acting for a group of private investors but it now appears that GFH Capital is the buyer in the deal said to be worth £52m.
The unnamed source told the Yorkshire Evening Post: “GFH Capital is leading this transaction with the aim of acquiring the club.
“There’s been talk about a Middle Eastern consortium behind the deal but that’s not the case.”
The UK newspaper also said the proposal put forward by GFH Capital is a 100 percent buy-out of Leeds City Holdings Limited, the parent company which owns Leeds United.
It added that GFH Capital’s offer will saddle Leeds United with no external debt.
Protracted negotiations between Leeds and GFH Capital, a unit of Bahraini investment bank Gulf Finance House, are about to enter their fifth month.
Last month, David Haigh, GFH Capital's deputy chief executive officer, said: “From a business perspective, ownership of an English football club, notably Leeds United, is a great opportunity if the right strategies are in place.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.