GFH unite with Leeds to issue takeover statement

The Dubai-based company have issued a joint statement with Leeds in an attempt to clarify matters regarding the ongoing speculation about their move to buy United.

LUST gave a cautious welcome to the proposed takeover by GFH Capital – which is a wholly owned subsidiary of investment bank Gulf Finance House – in a statement on Monday evening following reported discussions.

Speculation has been rife about the interest in Leeds with one national newspaper quoting David Haigh, deputy chief executive of GFH Capital, as stating the deal could be done within three weeks.

Other reports have claimed the Gulf Finance House held less than £4m in cash in June this year, £800m less than at the end of 2008.

But GFH Capital and United, who have been speaking for almost five months and are bound by a confidentiality clause, insist some of the reports are false.

And Haigh has claimed that his company’s representatives have not spoken to LUST.

In a bid to clarity matters, Haigh said: “A lot of nonsense has been written and said by people claiming to have ‘sources’ or inside knowledge, which has resulted in incorrect media reports and even quotes, but as noted before, there are confidentiality clauses that are in place, and we are both respectful of those. We are focusing on the transaction and not rumour.

“The importance for us to talk to the numerous fans and supporter groups of Leeds United on the acquisition of the club can not be underestimated, but at this time, we have to respect the confidentialities of a deal of this nature.

“As such, neither I nor any employee of GFH Capital has been in discussions with the LUST. This is clear from some of the detail within a recent statement from LUST, notably, how GFH Capital ‘has only emerged as potential buyers in the last six weeks.’

“In truth, GFH Capital has been working with the current club owners since June.”

Salem Patel, board director and chief executive officer of GFH Capital added: “Both GFH Capital and the current owners of Leeds United are working hard to ensure as swift a conclusion to this deal as possible and we appreciate the patience and understanding of those waiting for a positive announcement. We will be talking to the various Leeds United supporter groups and their members as soon as we are able.”

United chief-executive officer Shaun Harvey said: “As with all speculation, not all of it is correct. And we are pleased that both are able to clarify the situation.”