"GFH Capital’s offer will saddle Leeds United with no external debt. “This is a 100 per cent cash purchase,” said the source. “There’ll be no debt for the club to service.”" Well that seems very watertight. As other have pointed out, proof that any new owner/investor had cash in the bank was the first precursor to Bates talking to them. If they only have £3m in the bank then its highly unlikely that Bates would be entertaining them (especially if their bid was based on only paying him so long as they can raise a £50m+ through loans).
