The Bahrain-based Gulf Finance House has given formal notice that it is ready to sell Leeds United - and it has begun talks to do so.
GFH Capital were unveiled as Leeds United's new owners, with directors David Haigh and Salem Patel outlining their vision for the future.
The long-awaited takeover of Leeds United, which will see Gulf-based investment bank GFH Capital take control, will be confirmed today
Sport Capital's bid to take a 75% share in Leeds United looks to be on the rocks as the consortium and current owners GFH wrangle over details.
Headed by United's 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.
Cellino, 57, was reported to have bid unsuccessfully for West Ham in 2010, and in 20 years at Cagliari has sacked 36 managers.
Leeds United insist they have no plans to bring in an alcohol ban and that fans will continue to be able to enjoy a pint at Elland Road.
The club issued a statement making their position clear following a newspaper report that one Leeds director, Salem Patel, had proposed an alcohol ban to reflect the Muslim beliefs of owners GFH Capital, the Dubai-based subsidiary of a Bahraini Islamic investment bank.
However, Leeds managing director David Haigh said that was not the case. He said: "The board has never discussed banning alcohol and has no plans to change the current licensing arrangements at Elland Road.
"Enjoying a pint before and after watching the match is a time-honoured Yorkshire tradition as indeed it is among many British football fans.
"Equally the club will continue to offer a selection of wines and other alcoholic drinks to our corporate guests."
Football Finance Expert, Rob Wilson
Leeds United's owners GFH Capital are on the verge of buying back the club's Elland Road stadium. The ground was sold in 2004, with a 25 year lease and buy back clause, following the resignation of former chairman Peter Ridsdale and the subsequent financial meltdown of the club.
It's understood GFH, who purchased the club from Ken Bates last December, are close to sealing a multi-million pound deal which will see the stadium returned to the club nine years after it was sold.
Leeds United's new owners GFH Capital are on the verge of buying back the club's Elland Road stadium - in a move which will please the Championship side's legions of fans.
The stadium was sold in 2004 following the resignation of former chairman Peter Ridsdale and the subsequent financial meltdown of the club. It was sold on a 25 year lease and buy back clause.
It's understood GFH who purchased the club from Ken Bates last December are close to sealing a multi-million deal which will see the stadium returned to the club nine years after it was sold.
Brian McDermott's men start their new season with a home match at Elland Road against Brighton tomorrow.
There is confusion over the future of Leeds United. This morning it appeared the club's owners GFH Capital were prepared to sell the club, but now it seems that's not the case.
They released a statement this afternoon saying they were looking for investment, not a complete sale. Our sports reporter, Chris Dawkes, has been following the story and his report contains flash photography.
The owners of Leeds United have issued the following statement:In March 2013, Gulf Finance House (GFH), parent company of Leeds United FC owner GFH Capital, published its financial audited report that stated it was looking to sell its stake in the club.
To clarify and as previously stated, GFH Capital is looking for investment in part of its share in the club, not its entirety.
GFH Capital has been transparent since acquiring Leeds United and is continuing to look for strategic investors in part of the club that can invest in Leeds United, alongside GFH Capital, to ensure a long term, sustainable future.
Since GFH Capital took ownership of Leeds United, it has fulfilled its promise of investing in the club, with around £10 million having already been injected into the club; to strengthen the squad and for other working capital purposes.
Additional financial support will continue to be provided as required. Through cutting ticket prices, reducing 2013/14 season ticket costs and the introduction of half season tickets, attendances have risen at Elland Road .....
.....as GFH Capital continues with its goal of re-engaging existing fans and attracting new supporters to the club, plus the recent International Soccer Schools and ‘Take it to the Kids’ initiatives.
To date, GFH Capital has fulfilled the plans pledged and its strategy for the club remains the same; to build a group of strategic investors to put Leeds United in the best position both on and off pitch for the long term.
Leading sports lawyer Richard Cramer gives his opinion on the latest takeover speculation at Leeds United
Michael Normanton, from Square Ball fanzine, says the club needs "someone who cares"
Leeds United's new owners finally completed a deal to assume control at the Championship club and told fans to look forward to a bright future. GFH Capital, a Dubai-based investment bank, have put pen to paper on a reported £52 million takeover.
The move brings to an end 206 days of protracted talks between the 2 parties. New club directors David Haigh and Salem Patel gave their first press conference this morning, and there for us was our sports reporter, Chris Dawkes.