The long running Leeds United takeover saga finally looks to be reaching a conclusion after the club announced that relevant paperwork had been sent to the Football League for ratification.
GFH Capital, the Bahraini based investment bank have now agreed a deal with Leeds United chairman Ken Bates for the purchase of the club.
In a statement on the Leeds United official website, it read.
‘GFH Capital have announced that they are in exclusive negotiations with Leeds United in respect of the proposed acquisition of the Club.
‘The relevant agreements are being processed by the respective legal teams and information supplied to the Football League as required under their regulations.’
The first announcement by the club regarding the possibility of a takeover broke on May 29th and as now dragged on for almost six months.
The takeover would finally bring to an end the tenure of Ken Bates, who first took over at the club in the summer of 2005.
The former Chelsea supremo bought a majority share in the club in 2007 but he has come in for much criticism from a section of the fans more increasingly since the clubs promotion to the Championship in 2010.
After narrowly missing the play-offs in their first season back in the Championship the side has been ripped apart with wholesale sales of the clubs better players, including the likes of Max Gradel, Jonny Howson and Robert Snodgrass, whilst little investment in the rebuilding of the squad .
The takeover will hopefully mean cash will be made available to manager Neil Warnock to make a sustained attempt to win promotion back to the Premier League for the first time since 2004.
Leeds are currently sat in fifteenth place in the championship, both seven points off the play off and relegation places.
The takeover will hopefully be concluded in enough time for Warnock to increase his squad before loan transfer window closes on Thursday November 22nd.
The transfer window will then remain closed until January 1st.
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