LUFC Long drawn out takeover nearing the end?
The people behind the proposed takeover of Leeds United have finally broke their silence today with a statement stating they had signed an agreement to buy Leeds City Holdings, the parent company of Leeds United.
GFH Capital Limited an investment based bank in Bahrain are the people behind the acquisition of the club.
In a statement released by GFH this morning, it read:
"GFH would like to confirm that GFH Capital Limited, a 100% subsidiary of Gulf Finance House, has signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC.
According to a recent study released by Deloitte, LUFC is one of the best supported clubs in English football with a higher average match day attendance than most Premier League teams.
In addition, LUFC has a large and passionate fan base and a rich history of success in English football over the last 40 years.
Football teams in England have recently received a significant revenue boost due to the re-negotiation of broadcasting rights and it is expected that from next season each team in the Premier League will receive a minimum of £60million per season due to the increase in broadcasting rights.
LUFC would also benefit from this if it can achieve promotion to the Premier League.
Due to a confidentially provision, no further details can be given about the commercial terms of the transaction."
The news is the first big step after almost four months of near silence regarding the investment of Leeds United.
Leeds first broke the news after much speculation regarding a possible investment on May 29th, when the club said they were in talks regarding an investment to secure the long-term future of the club.
It was almost a month (June 26th) before the club released their next statement stating that they had entered an exclusivity period with the investor and they would now be allowed to carry out the appropriate due diligence into the club.
At the time, they stated that they thought this would be a straight forward affair.
There was nothing more from the club until August 9th when they announced that the exclusive period for the investors had now come to an end although they were still in discussions.
Leeds United chairman Ken Bates then broke his own personal silence on the investment when the club issued a further statement credited to Bates on August 18th.
What Bates did say was little to do with the takeover but he wished that the media and the fans would stop spreading rumours, but after three months of very little what did he expect.
Leeds fans then had to wait over a month before any further news broke on the progression of the deal when Bates spoke before the game with Nottingham Forest last weekend (September 22nd).
Bates confirmed that he had been talking with the investors earlier in the week and they would be present at the game with Forest.
After the news from GFH today, let us hope that the deal can now be sorted quickly so that manager Neil Warnock can strengthen the squad to make a sustained challenge for promotion to the Premier League this season.
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