Dubai-based GFH Capital are closing in on their takeover of Leeds United after agreeing a deal with the English football club.
The Championship club said "relevant agreements" had been supplied to the Football League as required under its regulations and a period of exclusive negotiations had been extended.
In a statement posted on the official club website, Leeds United said: "GFH Capital have announced that they are in exclusive negotiations with Leeds United in respect of the proposed acquisition of the Club.
"The relevant agreements are being processed by the respective legal teams and information supplied to the Football League as required under their regulations."
David Haigh, deputy chief executive officer at GFH Capital, added in a
statement: "The fact that we are in such advanced talks means this extended
exclusivity window is merely to ensure we can get past the final post without
"We have come so far and are looking forward to what we hope will be a
positive statement about change in ownership of Leeds United shortly."
The statement comes just a couple of days after media reports suggested a second bid backed by Saudi Arabian money could be tabled to buy the club later this month if Dubai-based GFH Capital failed to complete its takeover.
It was reported that a new takeover proposal was due to be made in the next three weeks if the Championship club hadn't been bought by then.
GFH Capital is a unit of Bahrain's Gulf Finance House which on Sunday posted net profit of $7.5m in the first nine months of 2012.
The bank said its net earnings had grown from $4.1m in the same period last year.
However it added that net profit for the third quarter of 2012 fell to $1.8m compared to $3.4m in Q3 2011.
Last month GFH Capital issued a statement after questions were raised in UK media about whether it had the capability to finance the deal to buy the football club.
A later statement issued earlier this month said the deal would be concluded "very soon".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.