The Gulf-based owners of Leeds United have given formal notice that they are in talks to sell the club just three months after they bought it from Ken Bates. A financial statement from Gulf Finance House, the parent company of GFH Capital, says they bought Leeds for a "bargain purchase" in December and they are now holding the club for sale - with "maturity" predicted within six months to one year.
GFH have also revealed for the first time that they paid around £22m for the club when they bought it from the principal shareholder Bates in December 21 2012. They now believe the club is worth £7m than they paid for it.
– Financial statement, GFH Capital
"The group has an active plan to sell its stake in LUFC Holdings...subsequent to the year end, the Group has commenced negotiations relating to the sale of its stake in LUFC Holdings Limited."
For Leeds United fans, the latest statement confirms what most knew already - that GFH were likely to be in it for just the short-term. But even though talks are underway, it raises the prospect of months of even more uncertainty at Elland Road and questions remaining about much-needed investment in the playing side.