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GFH Capital are closing in on their takeover of Leeds after agreeing a deal with the npower championship club. The Bahrain-based based investment bank have been in talks with chairman Ken Bates for weeks.

The club have today confirmed they have finally come to an agreement and the relevant documents are being sent to the Football League for ratification. Bates, who took control of Leeds in 2005, has become increasingly unpopular with fans due to a perceived lack of investment in the playing squad

In April last year he announced he had bought a controlling 72.85 per cent stake of the club's shares from a Geneva-based company, Forward Sports Fund, while the club have made pre-tax profits of more than £10million since the summer of 2007.

GFH Capital have announced that they are in exclusive negotiations with Leeds United in respect of the proposed acquisition of the Club. The relevant agreements are being processed by the respective legal teams and information supplied to the Football League as required under their regulations

– Club statement

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