ITT Matt celebrates

[Matt]

Dubai-based investment bank, GFH Capital Limited has today signed the deal for the acquisition of Leeds United Football Club. The signing of this 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 Capital Limited will be 100% shareholders.

The deal sees GFH Capital Limited, which has financially supported the club since entering into an exclusivity period, injecting further funds for working capital and to support Neil Warnock's intentions to strengthen the team.

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 in December as the leadership of the club is further strengthened.

Ken Bates will remain as Chairman for a transition period until the end of the season after which point a new GFH Capital-led Chairman will take over the position and Ken Bates will become club President.

Leeds United chairman Ken Bates 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 Susannah 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.

"A brief but important transitional period now begins in terms of the changeover of ownership: 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 FC back into a prime position in English football once again.

"From a Leeds family myself and a supporter of The Whites 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 UK and around the world for their patience and support while the negotiations have been taking place. Lets now march on together, taking the club back to the Premier League as soon as possible."

Not overly happy that he's going to be chairman until the end of the season, or that he's going to be made club president, but at least he doesn't own the club any more and will soon have no control over the club at all.

[Mj3]

WACCOE has gone into overdrive and already naming Roberto Di Matteo next seasons manager.

Good times!!!

[Jam]

Buzzing, wouldn't worry about him being named club President. Would like to have seen him go but he's just got a paper title to keep him happy. Soon as he says something stupid (surprised it hasn't happened already) he'll be gone. Onwards and upwards

[Rafael]

So, GFH Capital is like another Venky or do they really have $$$$$$$?

[Mj3]

So, GFH Capital is like another Venky or do they really have $$$$$$$?

Apparently so, they're being backed by somebody 'close to the Bahrain government'... so possibly Khalifa?

[MDK]

[Matt]

So, GFH Capital is like another Venky or do they really have $$$$$$$?

No-one is entirely sure how much money GFHC have but they want to buy back Thorp Arch and Elland Road (their words), plus they have the backing of someone very wealthy close to the Bahrain government (Bates' words).

[Colly]

Doesn't sound at all dodgy. Suppose it can't get any worse.

[Mj3]

Doesn't sound at all dodgy. Suppose it can't get any worse.

We dont need billions, we just need some people who know how to manage a club... lets be fair, we could easily get 35,000 fans each home game, if you cant build a promotion winning squad off the back off that, then theres something very wrong... and Bates did do something wrong, hence 18,000 through the gates.

[Matt]

Doesn't sound at all dodgy. Suppose it can't get any worse.

Well they gave us £4m for an exclusivity fee and they just spent £52m on buying us (and Bates has always demanded proof of funds in a London bank account), so they've not bought us with any debt.

weareleeds@gfh-capital.com is an email address set up by David Haigh to welcome fan suggestions. Dear God, our input is being welcomed rather than us being told that we're morons, sickpots and dissidents.

Edit: I hate our fans sometimes. Apparently, Beckham is now a realistic target.

[Gazz]

So, GFH Capital is like another Venky or do they really have $$?

Apparently so, they're being backed by somebody 'close to the Bahrain government'... so possibly Khalifa?

Pretty sure the new owners of Portsmouth were 'close to the government / sultan' when they bought the club from Gaydamak. It actually turned out they were penniless conmen.

Edit: I hate our fans sometimes. Apparently, Beckham is now a realistic target.

London. Paris. Milan. Leeds

[Matt]

So, GFH Capital is like another Venky or do they really have $$?

Apparently so, they're being backed by somebody 'close to the Bahrain government'... so possibly Khalifa?

Pretty sure the new owners of Portsmouth were 'close to the government / sultan' when they bought the club from Gaydamak. It actually turned out they were penniless conmen.

Even so, that'd mean we're at worst in the same position as we were yesterday.

[Mj3]

London. Paris. Milan. Leeds

Victoria Quarter up Briggate is the Knightsbridge of the North, cant wait to see Victoria Beckham strolling around Primark on Headrow.... sure theres a Peacocks nearby as well.

Aside from the Barcelona Academy/Cantera thats obviously going to be built, we need to reconnect with Leeds City Centre.

[Colly]

Isn't there a Selfridges, or is that Manchester?

[Matt]

Pretty sure there isn't a Selfridges. I couldn't tell you where it is, anyway.

Couldn't agree more about reconnecting with Leeds city centre, and the local community in general. We need to start getting kids to go to matches, sick of seeing so many little 'uns walking around with scum/Chelsea shirts. Bates practically killed off an entire generation of fans by charging so much for junior tickets, taking Leeds United matches away from FM radio, removing all of the club shops apart from the one at Elland Road and pulling all merchandise from non-LUFC outlets like sportswear stores/HMV/etc... I know we've gone back on the merchandising a little bit in the last year or so but you've got to hunt for Leeds merchandise in Leeds city centre, it's ridiculous.

[Lineker]

This news is hardly major enough to warrant its own thread, they're just a second division team.

[Matt]

It's my celebration thread. I was going to post it in Donators but I thought that wouldn't really make much sense.

[Lineker]

Rise to my bait damnit

[Matt]

No. Now, stop ruining my celebration.

[Lineker]

Rise to my Bates?