22 Dec 2012

Dubai's GFH Capital takes ownership of Leeds United

11:33 am on 22 December 2012

The Dubai-based GFH Capital company has completed the takeover of former English football champions Leeds United, seeking to make the second-tier club a power in the game again.

In a deal worth a reported 52 million pounds, or around $100 million, GFH has bought the club from majority shareholder Ken Bates, a familiar figure in the English game who was previously owner of Chelsea.

Bates, 81, is not severing all ties with Leeds. He will remain club chairman until the end of the season.

The target for Leeds is a return to the lucrative English Premier League for the first time since 2004. Leeds are currently in 12th place in the 24-team Championship, or second division.

The club last won the English top-flight title in 1992, the final season before the Premier League was launched.