Leeds close to agreeing GFH Capital takeover

The Elland Road outfit have been in negotiations with the Bahrain-based bank for a number of weeks but are now closing in on an agreement, according to an official statement

Leeds United's proposed takeover by Bahrain-based investment bank GFH Capital is eding closer to completion, after the club posted a statement confirming ongoing negotiations between the two parties.

The bank has been in advanced negotiations with chairman Ken Bates for several weeks but appears to have reached an agreement after submitting necessary documentation the Football League for confirmation.

The statement on the club's official website read: "GFH Capital have announced that they are in exclusive negotiations with Leeds United in respect of the proposed acquisition of the club.

8/1 Leeds United are 8/1 with PaddyPower to win promotion to the Premier League

"The relevant agreements are being processed by the respective legal teams and information supplied to the Football League as required under their regulations."

Bates has come in for criticism from some supporters for a perceived lack of investment in the Championship outfit, where the former Chelsea chairman has been in charge since 2005.

In that time, the club have emerged from administration and back into profit after making a reported £10 million before tax since 2007.