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Oct 26, 2012

Leeds hit back at media as takeover nears

Leeds United's protracted takeover by Bahrain-based investment bank GFH Capital is finally set to be completed, both parties have announced.

The buyout of the club, which has been in the works for almost six months, is poised to go through after GFH provided current Leeds owner Ken Bates with proof that it has the funds available to complete the deal.

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."

Bates took the opportunity to hit out at the media for its coverage of the club, with many questions about the lack of transparency in the current ownership structure being raised.

"The inaccurate reporting of certain journalists, who will remain unnamed, does not help the situation," Bates said. "Their articles, based upon a lack of knowledge of the intricacies of the deal and the full facts of the positive intentions of GFH Capital, achieve little and lead only to retractions or public apologies at a later date."

GFH notified the Bahrain stock exchange last month that it had signed an exclusive agreement with Leeds, and deputy chief executive officer David Haigh is hopeful that the deal can be completed soon.

Haigh said: "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."

Information from the Press Association was used in this report

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