GFH Capital stands to make a million pounds for each of the seven weeks it has owned Championship club Leeds United. The Bahraini venture capital company, which completed a takeover on 21 December, has been seeking "strategic investment" and is considering selling a majority stake. GFH bought Leeds from Ken Bates for £17million plus payments based on reaching the Premier League within four years. A multi-national consortium led by former Hull City executive Adam Pearson has made proposals to buy either 51 per cent or all of GFH's shareholding, which values Leeds at around £25m. The Pearson-fronted consortium includes a local businessman who is understood to have a past financial involvement in the club. Further finance will come from a Saudi Arabian investor. If GFH agrees to sell this individual will buy 49 per cent and then increase this to 80 per cent. Pearson, 49, was Leeds commercial director during the Peter Risdale era, leaving in 2001 to become chairman of Hull. He failed in an attempt to buy into Huddersfield Town in 2007, and became executive chairman of Derby County. Two years later he resigned to return to Hull, as chairman and later Head of Football Operations. He now owns Hull FC rugby league club. GFH Capital is a wholly owned subsidiary of Gulf Finance House, a Bahraini bank whose cash reserves have fallen by more than a billion dollars in recent years and whose auditors KPMG expressed "significant doubt about the group's ability to continue as a going concern". The company's intention to buy Elland Road back has so far come to nothing, and Bates is still owed a significant sum. The January transfer window saw a net negative spend, as leading scorer Luciano Becchio went to Norwich City in exchange for Steve Morison and £250,000. Leeds remain several points off the play-offs. GFH do, however, claim to "have made significant investment of working capital". Sources close to the consortium, say GFH wish to retain a minority stake to benefit from future revenues, and hope to start a bidding war for the controlling share. "As can be expected with a club as fantastic as Leeds United... we have received several offers to invest alongside us," said a GFH statement. "The most recent was for a majority stake and has not been accepted. Although we continue to seek strategic investors, we will only bring on board those who we feel can make a positive contribution to sustainable success." What do you lot make of all that from Duncan castles pen
I think GFH have took us for a ride, told us there will be transparency and we have had none. They have a hidden agenda and we all suspect that is a quick profit, I think we have to hope that they do sell to someone pretty sharpish because under them it is going to be no better than what we have had from several years of Bates.
Without doubt Leeds Utd is a fantastic investment, for anyone wanting to give the club its head and get them promoted to the prem. It would never happen under Bates because nobody in their right minds would deal with him. It does seem that GFH are only in it to make a fast buck, which is fair enough as they were brave enough to deal with Bates, but yet again it us fans that are being shafted and sit in the wilderness whilst crap happens in the background. Unless this is resolved soon, you can see even fewer season tickets being sold for next season, fewer fans turning because we're all so ****ing sick of it all, and sick of being a team who get rolled over by anyone.
Is or was? I agree we still are but like you point out, the longer it goes on the more damage to the fan base and the next generation of supporters coming through. I have said before my mates son no longer wants to follow his dad in supporting Leeds, it isn't cool at school. Before anyone starts moaning about a kid being a 'glory' hunter I told everyone I supported Leeds in the 70's because my cousin got me into them and lots of other kids supported them. It wasn't until 15+ years later I managed to go regularly to watch them.
Hearing that GFH are unable to sell to ANYONE until they have paid Bates what they owe him - only paid 40% (apparently).
The new consortium will earn enough interest this month to buy leeds haha just 1 of Steve Parkins companies earns 200 million a year and hes wanting that to increase to 500 million
I may be wrong here but didnt Bates not want prem. footy for leeds (alledgedly by some quarters) because he would have to pay administrators vast amounts of cash owed to investors from your administration if they did ? Now GFH are saying they have an agreement with bates to pay outstanding monies due to him if leeds make the prem.(can anybody in their right mind see Bates agreeing to this) Like i said i may be wrong but if this is true then Bates is still in full control like any hire purchase agreement the goods do not belong to you until you have met the final payment I SMELL A ****ING BIG BATES RAT
That why GFH after just buying the club are looking for investers not to put into the club but to buy off Bates no wonder him and Harvey are still in control Bates still owns the club He is one crafty bugger
