GFH Capital looking to ‘revive fortunes’ of Leeds United following takeover
LEEDS United’s new owner is looking to give the club a “bright future” after completing its takeover.
GFH Capital was confirmed as the new owners of the Championship outfit on Friday following the completion of its acquisition of the club the previous evening.
Although no value has officially been put on the deal, it is understood to have been completed for £44m, meaning current chairman Ken Bates, who will become honorary life president following the takeover at the end of this season, will receive around £32m for his stake.
David Haigh, a lifelong Leeds United fan and Dubai-based GFH Capital’s deputy chief executive said: “We are delighted but also honoured and proud to be the new owners of Leeds United Football Club. Over the past few months we have received more than 4,000 emails of support and have been overwhelmed by the positive reaction of fans during the process.
“We see this as a huge opportunity to revive the fortunes of Leeds United both on and off the pitch. The atmosphere on Wednesday night against Chelsea was sensational and we look forward to bringing more of the same to Elland Road in the future.”
GFH Capital board director Salem Patel and managing director Hisham Ayres have joined the club’s board of directors alongside Mr Haigh.
The private equity company, part of Bahrain-based bank GFH, finalised the deal following an initial 33% investment in November.
Mr Patel said the group was looking forward to a “bright future” for the club and added: “From a business point of view this is an exciting investment and also an exciting opportunity for GFH Capital and we are looking forward to ‘marching on together’.”
Although GFH Capital has bought the football club, it does not own the Elland Road ground or Thorp Arch training complex. However, the group is understood to be keen to add the two venues to its portfolio.
The transaction was led by partners Simon Concannon and Richard Naish at Leeds law firm Walker Morris.
Mr Concannon said: “This announcement marks the end of a long period of negotiations and discussions. The multi-disciplinary team at Walker Morris has worked tirelessly to achieve this and we are very proud to have played our part in the sale of this iconic football club. We hope that this will prove to be a successful step in the direction of moving Leeds United back to the Premiership.”
