Leeds, GFH Capital move to quell 'nonsense'

Football club, potential investors issue joint statement regarding on-going takeover rumours
Leeds, GFH Capital move to quell 'nonsense'
(Getty Images)
By Andy Sambidge
Fri 12 Oct 2012 09:34 AM

Leeds United and Dubai-based GFH Capital have issued a joint-statement regarding the on-going speculation surrounding the proposed investment in the football club.

Following the latest bout of speculation, which included a questions about whether GFH Capital had the capability to finance the deal to buy the Championship club, the two parties have moved to clarify the situation.

GFH Capital added that it is "working hard to ensure as swift a conclusion to this deal as possible".

David Haigh, Deputy CEO, GFH Capital said: "A lot of nonsense has been written and said by people claiming to have 'sources' or inside knowledge, which has resulted in incorrect media reports and even quotes... We are focusing on the transaction and not rumour."

He added that claims by the Leeds United Supporters Trust that direct talks had been held between it and GFH Capital were also wide of the mark.

"The importance for us to talk to the numerous fans and supporter groups of Leeds United on the acquisition of the club cannot be underestimated but at this time, we have to respect the confidentialities of a deal of this nature.

"As such, neither I nor any employee of GFH Capital has been in discussions with the LUST."

Salem Patel, board director and CIO, GFH Capital added: "Both GFH Capital and the current owners of Leeds United are working hard to ensure as swift a conclusion to this deal as possible and we appreciate the patience and understanding of those waiting for a positive announcement.

"We will be talking to the various Leeds United supporter groups and their members as soon as we are able."

The statement also included comments from Leeds United CEO Shaun Harvey who said: "There has been a lot of comments from many different quarters as to the proposed investment in Leeds United.

"As with all speculation not all of it's correct. And we are pleased that both are able to clarify the situation."

Earlier this week, LUST, the supporters group, which has more than 8,000 members, said it had held discussions with GFH Capital, which is a unit of Bahrain's Gulf Finance House.

In a statement, LUST said: "We have made contact with representatives of GFH Capital to ascertain whether their plans for the club accord with the hopes of our 8,300 members.

"From our discussions, we can say that although they could not answer questions about funding due to confidentiality agreements, they insist they have a strategy for success and the funds to achieve it."

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