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
The takeover of Leeds United has finally gone through today, with the new owners promising a fresh start for the Championship club, but warning fans they won't be spending silly money in the transfer market.
One notable absentee when details of the 52 million pound deal were unveiled at Elland Road this morning, was former owner Ken Bates. But our sports reporter Chris Dawkes WAS there
New Leeds United director Salem Patel has revealed the new owners want to buy back Elland Road stadium from Leeds City Council. He told a press conference : "It is part of our plans to buy back the stadium but we can't put a time frame on that "
We're not going to spend crazy money like some clubs have done" - Salem Patel
"We've bought this club with cash, we'll continue to interact with fans. We're open to the concerns of fans" - David Haigh
In January we'll do our best to support Neil but we won't say how much we'll have to spend" - Salem Patel
We'd like to thank Ken and Suzannah Bates for helping us complete this transaction" - Salem Patel
This is the start of the way forward. Time is the judge as to how the club goes forward. Everyone wants to see the club back in the prem. It is part of our plans to buy back the stadium but we can't put a time frame on that " - Salem Patel
Leeds United chairman Ken Bates is not present at today's press conference to announce to completion of the club's takeover by Gulf-based investement bank GFH Capital
Leeds United's new owners believe they can deliver a "fresh start" for the npower Championship club.
A press conference has been called for 11.30am when details of GFH Capital's reported £52million takeover are set to be spelled out.
A statement on Leeds' website this morning confirmed the Dubai-based investment company would take 100% charge, with GFH deputy chairman David Haigh, who became a director last month, to be joined on the board by fellow executives Salem Patel and Hisham Alrayes.
"We are delighted, but also honoured and proud to be the new owners of Leeds United football club," Haigh said.
"We have had over 4,000 e-mails of support from fans and we have been overwhelmed by the reaction. "Everyone we have spoken to in the city has been fantastic."
Patel added: "We are looking forward to a bright future. This is a fresh start for the football club and we welcome fans both old and new to Elland Road."
GFH Capital's takeover of Leeds United has taken a step closer. Two of the company's executives have been approved by the Football League, and will now become directors at Elland Road.
Hisham Alrayes and Salem Patel passed the league's owners and directors test.