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Major cash boost for Leeds

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30 Nov 2013 12:31:56

Major cash boost for Leeds

Leeds are set for a major cash boost after majority owners GFH Capital confirmed it has granted a period of exclusivity to potential investors in readiness for the January transfer window.

After months of painstaking work by managing director David Haigh, a deal will be in place by the end of next month that, subject to Football League approval, will allow manager Brian McDermott to make major signings.

Although the names of the consortium that is set to buy a majority stake in the Elland Road outfit are not being revealed, it is understood they do not include any previous owners or players.

That rules out the involvement of former director Adam Pearson and popular former skipper Lucas Radebe, who have both been linked in recent reports.

"The two parties have signed a share acquisition agreement for the purchase of shares in the club with GFH retaining a significant stake," said a statement confirming the deal.

Haigh, who has become increasingly influential, will remain as managing director, with Salah Nooruddin staying on as chairman.

GFH Capital see Saturday's development as fulfilling its original idea for Leeds when it bought the West Yorkshire club in December 2012.

Although its involvement was greeted with some suspicion by many long-suffering supporters, who have been let down so often since the finances of the club began to unravel around a decade ago, GFH Capital's intention was always to bring in the additional finance to restore them back to the Premier League.

Haigh has pursued this task with vigour, with GFH stating its long-term plan was "to ensure the long term and sustainable regeneration of the club through partnering with strategic and like-minded investors who share its vision".

In McDermott, Leeds feel they have the right man to guide the club out of the Championship.

Increased attendances this term indicate the fans feel the same way, as does a sold-out allocation for Saturday's Roses encounter with Blackburn at Ewood Park.

Although Leeds are presently adrift of Burnley, Leicester and QPR, who are scrapping it out for the automatic promotion slots, they are well-placed to make the play-offs and if McDermott is able to flex additional financial muscle in the transfer window, will be optimistic of closing on the leaders.


PA

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