Leeds United: Owners GFH Capital close in on new investment
The owners of Leeds United have announced that they are close to securing new investment for the Championship club.
Last Updated: 30/11/13 12:30pm
After months of painstaking work by managing director David Haigh, subject to Football League approval, a deal will be in place by the end of next month that will allow manager Brian McDermott to make major signings.
Although the names of the consortium set to buy a majority stake are not being revealed, it is understood they do not include any previous owners or players.
This rules out the involvement of former director Adam Pearson and ex-skipper Lucas Radebe who have both been linked in recent reports.
GFH Capital, a private equity group based in the Middle East, purchased the Yorkshire club for a reported £52million in December of last year and is now looking to generate more money for McDermott.
A statement on the Leeds club website reads: "The two parties have signed a share acquisition agreement for the purchase of shares in the club with GFH retaining a significant stake.
"The consortium includes a number of high-profile businessmen, and does not include any previous owners or players of the club.
"It is anticipated that the investment will be in place for the January transfer window and will see existing chairman Salah Nooruddin and managing director David Haigh remain at the club for the long term.
"The announcement is the culmination of many months of negotiations by a team led by David Haigh."