Warnock encouraged as United impress their would-be investors

The club have been in discussions over a possible change of ownership for four months but significant progress is believed to have been made last Friday in a meeting between chairman Ken Bates and representatives of the Middle East banking institution bidding to get involved at Elland Road.

No timescale has been put on a possible conclusion to a deal but insiders say that the presence of several board members from GFH Capital, the Dubai-based investment company involved in the protracted talks, at Saturday’s victory over Nottingham Forest suggests things are progressing well.

Among the party were GFH chief executive David Haigh and director Salem Patel. It was the second time the two men have been spotted at a Leeds game after also being present for the opening day win over Wolverhampton Wanderers.

Bates, who has also revealed that both the club and the investors are already planning for the January transfer window, and his guests watched United claim a 2-1 victory over Forest thanks to first-half goals from Luciano Becchio and Dominic Poleon.

Considering the injury problems that had left his squad looking decidedly thin, Warnock was understandably proud of his team on an afternoon when the Leeds chief believes the would-be investors were given a glimpse into just what the club can achieve with the right backing.

On the talks being at an advanced stage, Warnock said: “It is encouraging but I don’t hold my breath when I hear these announcements. It is best for me to wait until everything is concluded because it is only then that we can expect things to change.

“But it is a positive step and that is what we want. I think it is what the fans wanted. And in fairness to the chairman, I do think he wants a positive result from this as quickly as possible. I do believe that.

“I hope the people who are investing watched the Forest game closely because what is not to like about that? We don’t have many boring games and our performance was great.

“We showed no weakness as a team. It was a day when Leeds United Football Club showed what it can be, and I am talking about everything and everyone.

“I can understand why people would want to get involved. I wish

I’d been here 10 years ago. It is almost a pity that I have come at this stage of my career rather than with a good few years ahead of me.”

The weekend events are just the latest in a long saga that has seen several interested parties approach the club hierarchy.

A Middle East group emerged in February but fell by the wayside to be replaced by a North American consortium who toured both Elland Road and Thorp Arch in May.

Talks stalled, however, to leave the field clear for the Gulf-based banking institution who are currently bidding to become involved. An exclusivity period granted on June 26 to undertake due diligence expired in early August, since which dialogue has continued between the two parties.

Due to confidentiality clauses, neither party has been able to discuss the matter publicly.

However, before the kick-off against Forest, Bates said: “We are well advanced with our discussions, though there are a number of technical points that need to be resolved.

“Some of the delay has been because of summer holidays, some because of the heat in the Gulf and a lot of people go to cooler climes. And, of course, our people also had holidays, including the lawyers.

“All these things delay things. But we are making good progress. We had a very positive meeting (on Friday). The potential investors are looking now to get this matter concluded as soon as possible.

“Both parties regret that because of a lot of factors beyond their control, we missed the August (transfer) window. We’re already planning for the January window.

“Now I can’t say any more than that. And I don’t intend to make any more statements.”

Despite 11 additions in the summer, Leeds’s squad looks decidedly thin and on Saturday Lee Peltier was forced off with a knee injury and Paddy Kenny played the final half hour or so with a groin problem. Both are doubtful for tomorrow night’s Capital One Cup tie against Everton.

On the delays that have meant any hoped-for investment in the team having to be put on ice, Bates said: “Negotiations have been going on for too long and we all know that.

“There have been points arising which we have been resolving but I think I should start off by pointing out that our potential investors – let’s call them that – they have problems because a confidentiality agreement was signed.

“It is very important to them because they are a banking institution and they are a public company. Therefore, anything that was said can affect their share price, which they have to be careful of because it can cause fluctuations.

“Secondly, because they are a banking institution they are under severe regulation. They have regulations that, maybe if we had it in England, we wouldn’t have had the banking fiasco that we’re still trying to recover from.

“And this is a company that has offices in Dubai as well as Bahrain. They have investments and interests throughout the Gulf, North Africa and, in fact, Asia, including India.

“So they have a very diverse portfolio in various areas of interest.

“The fact of the matter is, a football club isn’t the kind of business that banks get involved in. Normally it’s outside the normal scope, so they have to have a learning curve to understand how a football club works.”