Outcome of Gulf takeover of Leeds Utd likely in the next two weeks

Chairman says talks ongoing; manager hopes for outcome within the next two weeks

Negotiations are ongoing with a Middle East-based consortium to buy English football club Leeds United with an outcome likely in the next two weeks, club officials have said.

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Leeds United owner Ken Bates said talks to sell the club were “progressing slowly” with a final agreement still to be reached, UK regional newspaper Yorkshire Evening Post reported.

The Leeds chairman said in programme notes published earlier this week that negotiations with a Middle Eastern consortium were continuing but claimed the “appropriate documents have not been finalised between the lawyers”.

Neil Warnock, the club manager, added on Thursday that he hoped there would be “good news” in the next couple of weeks.

In comments published by UK news channel ITN, he said: “Everyone is working hard behind the scenes to change all that now. Hopefully, we will have some good news in the next 10 days, couple of weeks.”

Fans have become increasingly frustrated as the deal remains unsigned almost four months after talks with the group from the Middle East first began.

A demonstration against United’s owner was staged by supporters on Tuesday night prior to the defeat to Hull City.

Earlier this month, it was reported that Middle East investors were reportedly prepared to walk away from a deal to buy English football club Leeds United unless it can be completed quickly.

The proposed purchase of the Championship club by a consortium said to be led by Dubai-based private equity firm GFH Capital has reached a “make or break” stage after three months of talks, reports said.

The identity of United’s would-be buyers has never been confirmed although previous reports suggest that a member of Bahrain’s ruling family, Sheikh Abdulrahman bin Mubarak Al-Khalifa, is one of the individuals behind the approach.

Last month, it was reported that the proposed takeover of Leeds had collapsed.

In a statement posted on its official website, Leeds United said: “Leeds United announces that the exclusivity period granted to a potential investor as mentioned in the statement of 26 June has ended.

“The club remain happy to continue discussions, but not on an exclusive basis, so as not to prevent other options passing.”

The English Championship football club previously said on June 26 that an unnamed group of investors had been granted due diligence.

It added that the club would continue to be receptive to approaches from potential new partners.

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1 Comment

  1. soup.io June 26, 2014
    Reply

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