Fuck Ken Bates - The Leeds United thread

The proposed takeover of Leeds United has moved a step closer after the group looking to buy the Whites confirmed they have signed a deal to arrange the purchase of the club.

A statement from Dubai-based finance group GFH Capital Ltd said they have "signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC.

"Due to a confidentiality provision, no further details can be given about the details of the transcation."

The club has yet to make any comment on any takeover deal.

Members of senior management at GFH Capital Ltd sat with Leeds chairman Ken Bates in the directors' box for the Whites' 2-1 win over Nottingham Forest on Saturday.

Among their number were David Haigh, deputy chief executive of GFH Capital Limited, and Salem Patel, a board member at the private equity company. Both previously attended Elland Road for United's victory over Wolves on the first day of the season.

"Last year the club made £4 million to £5m and as a brand name they are almost at the same level as Premier League teams."
Gulf Daily News
Quotes of the week
Leeds have been identified by the group as an attractive investment due to the absence of any debt and the club's large fanbase.

The Gulf Daily News quoted a Bahraini source close to the takeover as saying: "This deal is a great one. It is a great investment as this is one of the six most popular teams in the country.

"As it is now, the football club has no debt. The only thing that they owe is for a lease, but that is not a big deal.

"Last year I believe that the club made £4 million to £5m and as a brand name they are almost at the same level as Premier League teams.

"If they do get into the Premier League, it will make the investment that much better."

Any takeover of Leeds would end Bates' seven-year reign which has been dogged by supporter unrest.

Protests have regularly been staged against the former Chelsea owner for a perceived lack of investment.

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GFH Capital have today outlined their future plans for Leeds United in a press release, reiterating that they have been granted an exclusivity deal to “lead and arrange the acquisition of Leeds City Holdings including Leeds United FC from current owners.”

It is worth highlighting this, because of the continued uncertainty among fans, to outline that GFH Capital are planning on purchasing the company that owns Leeds United (Leeds City Holdings), and that in purchasing this company they will own 100% of the club. These appear to be negotiations to obtain sole ownership of the club.

The press release reads:

[GFH Capital's] intentions, if successful in its acquisition, is to move the club back to the Premier League as quickly as possible and help to build a sustainable future for the club, both on and off the field. This is expected to not only benefit the club and the surrounding community, but also the entire city of Leeds.

The Scratching Shed understands that GFH Capital intend to “invest heavily” in the football club, Elland Road, and the “surrounding community”. We understand that, should GFH Capital successfully purchase the club, their aim is to take Leeds to the Premier League by the end of next season.

GFH Capital’s CEO Hisham Alrayes explained:

Like many around the world, people from Bahrain and across the Gulf are passionate about the game of football and notably, English clubs – their successes and hardships are a daily talking point. In so many instances this is what bridges the gap between borders and different cultures. We are excited by our intentions for Leeds United and remain fully focused on the specifics of this deal, hoping to conclude a positive outcome as soon as possible.

The press release should also reassure fans of the company’s abilities, having suffered repeated attacks on its capabilities from one journalist recently:

Our parent company GFH has successfully steered through tough economic times and we find ourselves in a position of strength and in an enviable market position to lead on fantastic deals such as this.

Meanwhile, Leeds supporter and Chief Executive of GFH Capital, David Haigh, praised Leeds:

As a club, Leeds United has it all – passionate loyal fans, a great heritage and masses of potential to return to the Premier League with the right, sustainable investment. From a business perspective, ownership of an English football club, notably Leeds United, is a great opportunity if the right strategies are in place to benefit from the significant revenues available from renewed broadcasting rights.

From a personal perspective, I have followed Leeds United since childhood and having been back to Elland Road with my business colleague, Salem Patel and our CEO Hisham Alrayes for the last few home games, it makes us even more determined to acquire the club Leeds United and to see the club prosper. The existing infrastructure of the club and the result of the work of Ken Bates means that Leeds United is ready off the field to compete in the premier league.

Salem Patel, Chief Investment Officer at GFH Capital, concludes:

From very early on in our approach to this deal, we knew Leeds United FC has pedigree but also offers huge potential in terms of the football, the club and the surrounding area. We are keen on waking this sleeping giant, building on and forging a sustainable long term future for the club – both on and off the pitch. We also hope to take back ownership of Elland Road eventually and continue to work closely with Neil Warnock and the team, we intend to show the fans – some of the most passionate in the game – just how we can ‘March On Together’ to give Leeds United the success it so richly deserves.

Sam Byram is turning out to be a very, very special player.

I'm expecting Leeds to be mega rich club again from this take over.

The group taking over are an investment firm based in Bahrain. They are acquiring the club because they understand that the infrastructure the club has and the potential to increase asset value upon promotion, is extremely lucrative. They will look to apply a modicum of investment, no more than any traditional ownership has done previously which has led to promotion. We're talking no more than £5 million and that may be even more than actually intend to supply on purely transfers.

Anyone expecting Leeds to be a mega-rich club after the takeover need to understand that it will never be like that for us.

Dominic Poleon and Zac Thompson join us on a month's loan. What can we expect? Are they any good or amazingly shit just like the rest of our squad?

Poleon has scored a couple of goals and looks okay, young quick etc all that bollocks. Zac Thompson I don't envisage ever making it at the club, he was rejected by the Everton academy so he isn't exactly a thoroughbred. Hopefully Poleon does well, Thomspon can fuck himself.

Just checked the BBC website, apparently your manager is Kevin Blackwell. That's worse than getting cancer.