United aim to cash in after takeover boost

The Whites manager is desperate to freshen up his squad in a bid to arrest a run of seven league games without a win and he is looking to bring in a defender and a forward before Saturday’s home against against top of the table Crystal Palace.

Funds to make deals before the loan market closes today have been made available after Dubai-based investment bank GFH have put in an immediate injection of cash.

The signing of the takeover deal marks the start of a one-month transitional period in terms of full change in ownership and control of the club. Following Football League approval, GFH will be 100 per cent shareholders.

GFH Capital executive David Haigh will join the board of Leeds United with immediate effect with fellow GFH Capital executives Hisham Alrayes and Salem Patel joining next month.

Ken Bates will remain as chairman for a transition period until the end of the season and will then become club president.

He said: “I can confirm we have now completed all the negotiations with GFH Capital. We have completed the first part of the purchase and they will be taking over 100 per cent of the club. Meanwhile, there is a transitional period while they get to know more about the club.

“I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off. Neil Warnock will continue as manager with more support than the present owners have been able to give and we look forward to a smooth transition.

“One thing I can say that has benefited from the negotiations is that this six-month courtship has given GFH Capital the opportunity to see the strengths and weaknesses and what needs to be supported. You can look forward to a smoother transition than we’ve seen at a lot of clubs.

“I’d like to thank, on behalf of Suzannah and myself, the tremendous support we have received over the years, particularly over the last 12 to 18 months which hasn’t been easy, but has made us more determined to see the job through.”

David Haigh, Deputy CEO, GFH Capital Limited said: “After a long process of negotiations, spanning Leeds, London, Monaco, Dubai and Bahrain, it gives us great pride today, 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 back into a prime position in English football once again.

“From a Leeds family myself and a supporter since childhood, I know that football is at the very heart of the people of Leeds and the wider community.

“We want to thank all the fans in the UK and around the world for their patience and support while the negotiations have been taking place. Let’s now march on together, taking the club back to the Premier League as soon as possible.”