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  1. ITV Report

Leeds takeover deal near completion

Leeds United logo Photo: ITV Yorkshire

The long-awaited takeover of Leeds United will be confirmed on Friday , December 21.

Leeds have called a news conference for 11.30am at Elland Road, at which they'll unveil the details of the deal, which will see Gulf-based investment bank GFH Capital take control of the club.

Ken Bates Credit: ITV Yorkshire

Current owner and chairman Ken Bates will announce he'll be relinquishing his own majority shareholding, allowing GFH Capital - who'd already acquired a 33.33 per cent stake in the club in November - to take 100 per cent control.

However the controversial 81 year old, who's been in charge at Elland Road since January 2005, will be staying on as chairman until the end of the season, and after that, he'll take up the role of Club President.

Leeds United's Elland Road stadium Credit: ITV Yorkshire

GFH Capital's Deputy CEO David Haigh joined the board last month, and it's expected he'll be joined by fellow GFH directors Salem Patel and Hisham Alrayes.

It's thought the deal is valued at around £50m, but fans - who've criticised Bates in the past for failing to invest in the squad - will be more interested to know how much cash will be made available by the new owners for manager Neil Warnock to buy players.

Neil Warnock Credit: Press Association

Leeds are currently 12th in the Championship, having won four of their last five league matches, but Warnock has made no secret of his desire to strengthen his squad.

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