By Andy Sambidge
Dubai-based GFH Capital proves to English football club it has funds to complete takeover
Dubai-based GFH Capital is set to complete a deal to take over "very soon" after proving it has the necessary funds to finance the deal, officials have said in a new statement.
The unit of Bahrain's Gulf Finance House, which has already provided £2m to the club with further funds available, said it was close to closing the transaction.
In a joint statement published on the club's official website, Leeds United chairman Ken Bates said: "It's been a long road but we are in a good place. Both sides have been in talks over the last few days to finalise this deal.
"We are keeping focused and hope to complete very soon"
David Haigh, deputy CEO, GFH Capital added: "With the money in place, we are poised to make this deal happen pending agreements and arrangements which are in the interests of the future of Leeds United - we need to make sure all the finer detail is addressed before trading signatures.
"Despite what has been said recently in media, both sides continue to talk regularly and continue to work hard to get the job done."
The statement also quoted Salem Patel, chief investment officer, GFH Capital as saying: "We understand there is some concern related to how Leeds United would be run under our stewardship.
"It remains important to be clear that Shari'ah law will not hinder this transaction nor will it affect the future operations of the club.
"Our intention is to provide investment which will facilitate a successful and sustainable future for Leeds United on and off the pitch."
Protracted negotiations between Leeds and GFH Capital are in their fifth month and have sparked frustration from fans.
When completed, the Leeds United deal will be the latest Gulf-based takeover, following the likes of Manchester City, French club Paris Saint-Germain and Championship side Nottingham Forest.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.
Can GCapital (GFH) explain why if they have the money that they are sending out investment prospectuses for Leeds United for $1m or more to Saudi investors to join (I have seen them since some of my clients have asked me for my opinion)? So they (GFH) do not have the money and are selling it down to other investors in the Gulf? Nothing unusual here then?!