LUST cautiously welcome Leeds United takeover

Leeds United Supporters’ Trust (LUST) last night gave a cautious welcome to GFH Capital’s proposed takeover of the club.

The Dubai-based company is bidding to complete a full buy-out of United and has been in discussions with the club for almost five months.

Despite drawn-out talks, GFH Capital – which has rejected weekend claims from club chairman Ken Bates that its lawyers are purposefully delaying a takeover – remain positive a deal will be concluded in the near future.

Now, LUST has revealed it has spoken to the company’s representatives and received clarification about its plans.

A LUST statement said: “From our discussions, we can say that: GFH Capital are very confident that a deal will be concluded in the near future.

“They have no major issues left to negotiate, and do not consider their lawyers to be delaying the deal unduly. The details of the deal are being concluded by the respective legal teams.

“They intend this deal to be a full takeover of Leeds United. Ken Bates will leave the club and (GFH deputy chief executive) David Haigh will take control.

“They view Leeds United as a long-term project, and denied any intention to ‘flip’ (buy and quickly sell) the club. They could not answer questions about funding due to confidentiality agreements, but insist they have a strategy for success and the funds to achieve it.

“They confirmed that investment and success on the pitch are at the top of their agenda. Regaining ownership of Elland Road will also be a key aim. They agreed with us that dwindling attendances at Elland Road are a sign of supporter dissatisfaction, and that bringing the crowds back should be a priority.

“In line with our Vision Statement, they understand the importance of working with all supporters and supporters’ groups, the local council, police, businesses and the local community, and building positive relations with all.

“For our part, given their status as current bidders and their confidence that they will soon conclude a takeover, we welcome GFH Capital’s assurances regarding the aims and ambitions of our Vision Statement.

“However, while we acknowledge the need for confidentiality, we retain some concerns over the lack of information about their sources of funding, and will seek clarification of this as a priority should their bid be successful.

“We would also stress that, should GFH Capital successfully conclude their takeover, they will be judged by Leeds fans on actions, not words. LUST are guided by our Vision Statement, which has the support of over 8,300 Leeds fans who have joined the Trust as members and shareholders.”

Meanwhile, the man at the head of a proposed takeover of Leeds hopes to complete a deal for the club he has described as “a young Pamela Anderson” within three weeks.

Leeds chairman Ken Bates opened negotiations with Bahrain-based Gulf Finance House (GFH) in June but a deal remains unsigned.

Bates on Saturday said both parties were still keen on completing the deal, blaming lawyers for the delay.

And David Haigh, who is the deputy chief executive officer and chief operating officer of GFH Capital, is quoted in the Sun as saying: “Leeds is like a young Pamela Anderson. It’s in great shape, with superb assets and a great future ahead of her.

“Like any big acquisition we have to be thorough and that’s the process we’re going through right now. We’re almost there and, hopefully, within three weeks it could be done.

“We are working incredibly hard to get the deal done but there are procedures and rules which must be followed.”