The takeover of Leeds United by GFH Capital is scheduled for 21 December. It is believed that a price of £44m has been agreed. David Haigh, deputy chief executive of GFH Capital and a Leeds fan from childhood, joins the board with immediate effect.
GFH Capital, which put £2m into Leeds last month, said that it had added to this amount and would inject more. But some Leeds fans groups have questioned the financial robustness of the new owners.
The takeover of Leeds United by GFH Capital is scheduled for 21 December. It is believed that a price of £44m has been agreed. David Haigh, deputy chief executive of GFH Capital and a Leeds fan from childhood, joins the board with immediate effect.
GFH Capital, which put £2m into Leeds last month, said that it had added to this amount and would inject more. But some Leeds fans groups have questioned the financial robustness of the new owners.
Accountants KPMG Fakhro said earlier this month that GFH’s accumulated losses at 30 September were $293.8m and that ‘its current contractual obligations exceeded its liquid assets.’ GFH invested heavily in real estate before the global downturn and has been obliged to write off billions of its assets.
Ken Bates will stay on until the end of the season, after which he becomes club president, a decision that has disappointed some Leeds supporters. Gary Cooper, the chairman of the club’s Supporters’ Trust said: ‘Why the continued involvement with Ken Bates? We’re not questioning the transitional period at all, that makes absolute sense. But why does the club need or want Ken Bates as president?’
Mr Cooper continued, ‘His tenure has not been one of success. He’s called fans morons and dissidents and he’s sold all our best players. He’s a hell of a character but he’s done nothing to endear himself to the fans.’