Cellino To Buy Back Elland Road after Leeds Takeover

Massimo Cellino expects to complete his purchase of Leeds United next week.In an interview with The Financial Times he stated that he was confident he would be approved as a suitable owner by the Football League, despite a past conviction for false accounting. Mr Cellino blamed the “jealousy” in Italian football for the 2001 false accounting case. He was also convicted of fraud in 1996 but cleared on appeal. He said he was selling his Serie A club Cagliari because he was “tired and fed up” of Italian football and he did not have the energy to run two clubs. “It is not going to be a problem,” he said of the League test because standards in Italy were high. “I have owned a club for 22 years. I have a lot of experience.”


Cellino went on to say  he had the money necessary to buy and invest in the club and would meet the Football League on Wednesday. “On Thursday I am going to the bank and I will buy our stadium. I have the funds to buy Leeds and to run Leeds.” He pledged to return the club to the Premier League in his first full season in charge and keep it there. “A club like Leeds has big potential. I want to see Leeds United versus Manchester United like it used to be. I want to make the fans happy. I know what it means to be a fan.”

Flowers Ends Leeds United Takeover Bid

Andrew Flowers has pulled out of talks to buy Leeds United.The managing director of Enterprise Insurance withdrew from the battle after making a last-ditch effort to take charge of the club before Italian businessman Massimo Cellino completed his own takeover. Flowers was part of a failed attempt by the Sport Capital consortium to secure a 75 per cent stake in Leeds last month but he attempted to put a fresh offer together over the weekend.Enterprise Insurance - United’s shirt sponsor since 2011 - withdrew its support of the club on Friday evening and has also issued a winding-up order on the club over a loan paid to Leeds in 2012. In a statement, Flowers said: “I entered discussions in good faith to buy this club for the simple reason that I am a lifelong supporter and sincerely believed that I could make a real contribution towards the goal of promotion to the Premier League and at the same time provide the stability and sound financial governance the club desperately needs. “However, the emergence of Mr Cellino’s bid, and the nature of the transaction, seems to have crystallised the attitudes of both GFH and the Leeds United board, enabling them to dispose of the club with no consideration for its ultimate security and wellbeing. “In effect, it is a ‘fire sale’ transaction which is not in the interests of Leeds United, its players, staff or loyal supporters. “Both myself and my company, Enterprise Insurance, have been enormous financial supporters of the club for the last few years and while we may understand the commercial expediency which leads the owners to accept the superficially attractive Cellino offer, we remain firmly convinced this deal will not give the club the stability or investor commitment it badly needs. “Despite our serious misgivings, we wish the team, the manager and fans well for the future and I remain a very enthusiastic Leeds supporter. “I have no other comment to make at this time about outstanding financial and legal issues between us and the current owners.”

Confirmed Leeds United Takeover has Collapsed

The takeover of Leeds United by Sport Capital has collapsed owing to a lack of "financial backing", leaving the club's future unresolved and uncertain amid speculation that two separate groups remain interested. Leeds managing director and head of the Sport Capital consortium, David Haigh, released a statement on today stating that it was unable to complete a deal despite two months ago agreeing to purchase a 75% stake in the club from the owners Gulf Finance House. Haigh claimed he and Sport Capital had "injected substantial sums into the club to ensure its viability" but earlier in the week fellow consortium member Andrew Flowers, the managing director of Leeds' shirt sponsor Enterprise Insurance, stated that GFH had "breached their covenant with us" after inviting a rival bid from Massimo Cellino, the president of the Serie A club Cagliari. Cellino has been strongly linked with a takeover although another consortium are also reportedly interested in securing a majority shareholding in the club.Haigh's statement read: "We signed a share acquisition agreement with GFH Capital at the end of last year. This meant, I believed, that we were in a position to move things forward and complete the transaction in time for the January transfer window. "Unfortunately, however, some of the consortium's backers ultimately didn't feel able to deliver the financial backing we had hoped was agreed to take the club forward. "I have met many, many potential investors over the past year and, sadly, while many are keen to talk the talk, they have been unable or unwilling to deliver in financial terms."

Cellino Joins Sports Capital's Leeds Bid

Cagliari Chairman Massimo Cellino is set to join forces with Sport Capital to complete a takeover of Leeds United.Reports in the Italian press yesterday suggested the Italian had launch a rival bid appear wide of the mark.Massimo had in fact been in talks with Sports Capital ,a consortium led by Leeds managing director David Haigh with a view to joining and investing with them.It is understood that Cellino has held talks with Haigh and Andrew Flowers, another of Sport Capital’s members.Sport Capital agreed to buy a majority share(75%) in Leeds on November 30, with GFH relinquishing its position as owner and retaining a 10 per cent stake, but disagreements over unspecified issues prompted renewed negotiations this week.

Leeds United take over Close to Collapse?

Sport Capital's bid to take a 75% share in Leeds United looks to be close to collapse as the consortium and current owners GFH wrangle over details.

GFH Capital bought the club in December 2012 from Ken Bates but they recently announced that they would be selling all but a 10 percent stake in the club, which would remain with Bahrain-based Gulf Finance House - their parent company. It had been announced that 75 percent would be sold to a consortium of British investors (Sport Capital) led by United managing director David Haigh.

Sport Capital were thought to have completed a deal in time to provide transfer funds for Brian McDermott It's been reported today that the deal is far from sealed and there could even be a rival offer from the owner of Serie A club Cagliari. Italian press are reporting that the Sardinian club's owner Massimo Cellino has made a last minute bid to hijack Sport Capital's bid.

In an interview earlier this week, the Isolani chief refused to rule out potentially bidding for the Yorkshire club, and the Italian press reported on Wednesday that a deal is close. Cellino, 57, was reported to have bid unsuccessfully for West Ham in 2010, and in 20 years at Cagliari has sacked 36 managers.

Owners sell stake in Leeds United

The Bahrain-based owner of Leeds United, GFH has agreed a partial sale of its stake in the club, the investment firm has said in a statement today. Gulf Finance House said the sale was agreed with British investors, but it did not identify them. GFH has not given details of the value of the stake or the size of the stake that has been sold. The firm bought Leeds in 2012.

GFH sell 10% stake in Leeds United

Leeds United's owners, GFH Capital, have sold a 10 per cent stake in the club to Bahrain-based International Investment Bank. There has been uncertainty over GFH Capital's intentions for the club, with some suggestions that they were looking to sell up completely. However it appears GFH is recruiting "strategic investors" to strengthen the club's financial position, which it believes is necessary if Leeds are to regain their former status as a Premier League giant. IIB's chief executive, Aabed Al-Zeera, will join the Board of Leeds City Holdings Limited. David Haigh, deputy chief executive of GFH Capital, said: "The introduction of IIB is in keeping with what have always been GFH Capital's aims for the successful, sustainable and long term ownership of Leeds United FC. "We believe that a consortium of like-minded investors provides the best ownership model for a club which belongs among the elite of English football clubs and global sporting brands. "It is our aim to provide the finance and the stability to enable the club to complete that journey as soon as possible." GFH expects other investors to join, providing Leeds with "sound long-term finance", said the club. International Investment Bank B.S.C was launched as an Islamic Investment Bank in October 2003. On its website, IIB states the "core business activities of the Bank include investing on its own account and investment, underwriting and placement in real estate and private equity in conformity with Islamic Shari'ah". Al-Zeera said: "We are delighted to become investors in Leeds United and would like to thank GFH Capital for facilitating this for us." GFH Capital took control of the club from Ken Bates last December and claims to have already invested £10million in the Elland Road outfit, beyond the sum it took to acquire ordinary shares in the first place. Amongst the benefits of GFH's ownership, fans have already seen a reduction in match ticket prices, the introduction of half season tickets and a reduction cost of season tickets for 2013-14.

Leeds United set for another Takeover

Leeds’ owners GFH Capital are in talks to sell the club – just three months after taking over at Elland Road. The Bahrain-based group completed a protracted sale from former owner Ken Bates in late December for a “bargain” price. But they are now in negotiations to sell their stake in LUFC Holdings, the club’s parent company, for £7million more than they paid. “The group has an active plan to sell its stake in LUFC Holdings,” said Gulf Finance House in their financial statements for last year, released in February. “Subsequent to the year end, [GFH] has commenced negotiations relating to the sale of its stake in LUFC Holdings.” The news brings more instability to the club, whose Championship play-off hopes are hanging by a thread. They currently sit seven points adrift with eight games to play, while manager Neil Warnock has indicated he will leave in the summer if the club are not promoted.

GFH Capital Complete Leeds United Takeover

The private equity arm of Middle Eastern investment bank Gulf Finance House has signed a deal to buy Leeds United. GFH Capital said it had financially supported the club since entering an exclusivity period and planned to inject more funds for working capital and to help manager Neil Warnock strengthen the team. Lifelong Leeds fan and GFH deputy CEO David Haigh, pictured, will join the club’s board immediately, while colleagues Hisham Alrayes and Salem Patel will take further seats in December. Although financial terms were not disclosed, previous reports have suggested the deal could be worth about £50m. Leeds United’s current chairman Ken Bates will continue in the role until the end of the season before a GFH Capital-chosen Chairman takes over, with Bates moving to club president. Haigh said, “After a long process of negotiations, spanning Leeds, London, Monaco, Dubai and Bahrain, it gives us great pride today to have completed the deal for Leeds United. “A brief but important transitional period now begins in terms of the changeover of ownership. “We have today injected further funds into the club and now we look to the future and start the exciting journey to take Leeds United FC back into a prime position in English football once again. “From a Leeds family myself and a supporter of The Whites since childhood, I know that football is at the very heart of the people of Leeds and the wider community.” Bates said: “I can confirm we have now completed all the negotiations with GFH Capital. “We have completed the first part of the purchase and they will be taking over 100 per cent of the club. “Meanwhile, there is a transitional period while they get to know more about the club. “I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off. “Neil Warnock will continue as manager with more support than the present owners have been able to give and we look forward to a smooth transition. “One thing I can say that has benefited from the negotiations is that this six-month courtship has given GFH Capital the opportunity to see the strengths and weaknesses and what needs to be supported. “You can look forward to a smoother transition than we’ve seen at a lot of clubs.”

Leeds United takeover moves closer

The proposed takeover of Leeds United has moved a step closer after the group looking to buy the Whites confirmed they have signed a deal to arrange the purchase of the club. A statement from Dubai-based finance group GFH Capital Ltd said they have "signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC. "Due to a confidentiality provision, no further details can be given about the details of the transcation." The club has yet to make any comment on any takeover deal. Members of senior management at GFH Capital Ltd sat with Leeds chairman Ken Bates in the directors' box for the Whites' 2-1 win over Nottingham Forest on Saturday. Among their number were David Haigh, deputy chief executive of GFH Capital Limited, and Salem Patel, a board member at the private equity company. Both previously attended Elland Road for United's victory over Wolves on the first day of the season.  Leeds have been identified by the group as an attractive investment due to the absence of any debt and the club's large fanbase. The Gulf Daily News quoted a Bahraini source close to the takeover as saying: "This deal is a great one. It is a great investment as this is one of the six most popular teams in the country. "As it is now, the football club has no debt. The only thing that they owe is for a lease, but that is not a big deal. "Last year I believe that the club made £4 million to £5m and as a brand name they are almost at the same level as Premier League teams. "If they do get into the Premier League, it will make the investment that much better." Any takeover of Leeds would end Bates' seven-year reign which has been dogged by supporter unrest. Protests have regularly been staged against the former Chelsea owner for a perceived lack of investment.

KEN BATES: Statement on Takeover

Leeds United chairman Ken Bates has confirmed that negotiations surrounding potential investment in the club are at an "advanced stage." Speaking publicly about the ongoing investment talks surrounding the club the Leeds chairman confirmed that both parties are working towards concluding the deal "as soon as possible." "We're well advanced with discussions," said the United chairman, speaking exclusively to LUTV ahead of Saturday's Elland Road meeting with Nottingham Forest. "There's a number of finer points to be resolved, but we're making good progress. "We had four of the top people over here for a big meeting on Friday and they are at our game on Saturday. "The potential investors are looking to conclude things as soon as possible. Both parties regret missing the August transfer deadline, but we are planning for the January transfer window." In the absence of any firm statements regarding updates on the situation speculation has abounded, but the United chairman said: "The confidentiality agreements that were put in place are very important to the investors. "They are a banking institution and a Public Company and not only can speculation affect their share price, they are also governed by heavy banking regulations. They also have interests across the Gulf, Asia, and Africa. "They are using London lawyers and there has been some logistical issues, but we have discussed things at length and agreed that we can make certain things public. "Since we signed the agreement in June - and told people what we had done - there has been a lot of speculation and agitation, especially by the Leeds United Supporters Trust, and I have to tell people that a lot of the statements that have come out are inaccurate."

Warnock comments on Leeds takeover

Leeds United manager Neil Warnock admits it has been a frustrating time for Leeds fans but says people are working behind the scenes to change the finances."People have just got to stick with us. It doesn't seem as if there is ever an end to the end of the tunnel but I still think people are working behind the scenes to change the finances"."If I'm honest I didn't envisage the situation being like it is at this stage of my career where I do desperately want to try and get that eighth promotion. There is lots of ups and downs being manager of Leeds United and being a supporter of Leeds United. I am trying my hardest to do things and I will continue to do that until it becomes a situation where you can't. If you can't, you can't. Everyone is working hard behind the scenes to change all that now. Hopefully, we will have some good news in the next 10 days, couple of weeks".

Ken Bates Confirms Leeds United takeover is ongoing

According to Leeds United Chairman Ken Bates the much vaunted takeover of the club is still ongoing and progressing slowly.Bates this evening said: "Despite the confidentiality agreement, stories keep appearing with varying degrees of accuracy as evidenced by the statements put out by LUST (Leeds United Supporters Trust)."That included a TV interview that said a deal was 'imminent'. It wasn't then and is progressing slowly now. In football everybody expects everything now - but the real world is different."Writing in the club programme ahead of tonight's clash with Hull, Bates added: "The current situation is that as I write, the appropriate documents have not been finalised between the lawyers." GFH Capital, who are working on the deal on behalf of a Middle Eastern consortium, have sent representatives to one of United's games this season but have not made any comment on the nature of the talks.

Leeds United Takeover

According to reports the proposed Leeds United takeover is in  danger of collapsing,Glory Glory Leeds United has learned from a well placed Middle Eastern source that the consortium involved in the takeover are on the brink of "pulling the plug" on the deal.Contrary to recent press reports we have been informed that several key meetings between the two parties have not taken place and negotiations seemed to have stalled.Leeds fans wishing to see the back of the Ken Bates era will be bitterly disappointed.The takeover appeared to be on the brink of collapse four weeks ago before negotiations resumed in attempted to revived the process.The identity of the buyers has never been revealed despite rumours that a member of Bahrain’s ruling family, Sheikh Abdulrahman bin Mubarak Al-Khalifa, is one of the individuals behind the approach made to Bates in May.

Takeover Deal Has Collapsed

The proposed takeover of Leeds has collapsed, according to the Leeds United Supporters Trust.Leeds confirmed on June 26 that an unnamed group of investors, believed to be from the Middle East, had been granted due diligence and it was widely expected a takeover deal would be reached soon after.But there has since been no further information or updates from either the club or the proposed new owners and Leeds fans have grown increasingly cynical about the chances of a deal being struck. LUST issued the following statement on Twitter: "The Leeds United Supporters Trust can confirm that the deal to buy the club has now collapsed. "We will be making a more detailed statement later on [Thursday] once we have had the chance to establish more."It is understood concerns about the takeover emerged on Wednesday when Leeds chief executive Shaun Harvey flew out to Monaco to meet with chairman Ken Bates in an effort to push the deal towards a conclusion.

Leeds United Takeover ON Brink of Collapse?

Fears were growing last night that the proposed takeover of Leeds United by an un-named Middle Eastern based consortium is on the brink of collapse.Leeds have been in talks with potential purchasers for almost two months but have made no comment on the progress of discussions since announcing on June 26 that an unnamed group were performing due diligence on the accounts at Elland Road.The consortium are believed to be looking for full ownership of Leeds, purchasing all of the 72.85 per cent stake held by existing owner Ken Bates, and it is anticipated that their proposal would see Bates sever his ties with United after seven-and-a-half years as chairman.Sheikh Abdulrahman bin Mubarak Al-Khalifa rumoured to be leading the consortium remains something of a mystery figure with latest reports suggesting he is only acting as adviser to the potential new owners.The Leeds United Supporters Trust(LUST)has issued a statement on the takeover: "The Leeds United Supporters' Trust want to express our frustration and disappointment with the way the takeover of Leeds United is being handled. We believe the time has come for the fans to be told what is happening at their club," "The complete silence from the buyers and the wholly inadequate statements from the club itself have kept Leeds fans in the dark about what will become of their club after this summer. We respect the need for confidentiality and that the legal process needs time. However, we believe that Leeds United's fans should also be respected.
"By not responding to calls from the fans for information, the new owners are not beginning this key relationship in a positive way. Our members want to support a transparent and open Leeds United and being kept in the dark about who currently owns or runs their football club does nothing to achieve this."

Leeds United Takeover Drags ON

Reports are emerging that the takeover of Leeds United by a consortium led by Sheikh Abdulrahman bin Mubarak Al-Khalifa will not be completed for a least another 10 to 14 days after the Sheikh representatives requested the period of "due diligence" be extended to allow them to carry out a thorough examination of Leeds United's finance's.Leeds United Chairman Ken Bates has remained virtually silent during this period. It has  been revealed that he had signed a confidentiality agreement with the proposed new owners which prevents him from commenting in public on the takeover.

Warnock assured he will remain Leeds boss by new owners

{EAV:c1bd42a8c22c5c17}    Leeds United manager Neil Warnock has been assured his job as is safe by the club’s prospective new owners.A Middle East-based consortium is conducting due diligence as they close in on a deal to buy the Championship club from Ken Bates - and Warnock has been informed they have no plans to bring in their own man.Speaking on Talksport Radio told the Alan Brazil Sports Breakfast Show: “To be honest, I wouldn’t be there now if I didn’t think they were totally behind me.
“I have had opportunities this summer to move on and the fans at Leeds have been superb with me right from day one so I felt that the best interests of the fans and the club is me staying put. That sounds big-headed but I don't mean it like that."Knowing what is going off, knowing the people that I'm dealing with, I just felt it was the best opportunity to get it sorted. The new people think along those lines as well. I have been given that type of assurance that they are really keen for me to stay."Warnock is less sure about the Elland Road future of captain Robert Snodgrass after Norwich tabled an offer for the talented midfielder.I have been given that type of assurance that they are really keen for me to stay“I was hoping when I came to build a team around Rob but they get their head turned and it’s difficult," he said. "You understand the player’s point of view when he sees Howson and Bradley Johnson go down to Norwich. It is disappointing.
“There are a few clubs that like Rob. Norwich have made an offer for him that’s not what we consider acceptable. You can understand why [clubs are interested in him]. He is a top player and he has been for the last few years.”
Ross McCormack could also be on his way out of Leeds, with Warnock willing to let the Scotland striker go if he can find a suitable replacement.
He added: “We have had two or three decent offers for Ross and from what I can gather I don’t think the terms will be a problem with all these clubs that are chasing him. But I don’t want to let anyone go, if I’m honest, unless I’ve got replacements or good players coming in.”

Norwich and Villa chasing Snodgrass

 {EAV:c1bd42a8c22c5c17}  Sky Sports are reporting that Norwich City have made a fresh bid for Leeds winger Robert Snodgrass.The Canaries first tried to sign the Scotland international last summer, but their approaches were turned down by Leeds.And despite a change of manager, with Chris Hughton now in charge at Carrow Road, their interest in Snodgrass has remained.Norwich have tabled two offers in the last week for the Scot.However Glory Glory Leeds United have learned that former Norwich boss Paul Lambert, who is now at Aston Villa,is set to launch a bid for the 24-year-old.Lambert has been a long time admirer of Snodgrass as is ready to bid up to £5m for the player.Leeds manager Neil Warnock may be prepared to listen to offers for the player if the much vaunted takeover and cash injection fails to materialise , seeing the players sale as a way of raising funds to continue his re building of the squad.Snodgrass has just one year left on his current deal at Elland Road, having failed to agree a new contract with the West Yorkshire outfit.

Leeds United Takeover....

According to report from various sources the Leeds United takeover seem set to drag on for a while yet.Leeds United manager Neil Warnock speaking on SSN today(Thursday) confirmed that "due diligence" was still taking place.Warnock also seemed to play down the fact that any new investors would be splashing the cash, stating he thought the new owners will be 'thrifty' & he does not expect 'lavish spending'.This could of course be seen as a ploy by Warnock to prevent clubs inflating the price on his transfer targets.Shaikh Abdulrahman bin Mubarak Al-Khalifa is now the name being strongly linked with the Leeds United takeover,with Bahrain's national newspaper,Gulf Daily News,reporting his interest in the club.Shaikh Abdulrahman, who is president of Al Najma Football Club, has been reported as being a long-time Leeds United fan and is believed to have been part of another group that failed in a bid to buy the club in 2003.Sources in Bahrain confirmed that the Shaikh is currently in Europe on business.