Bahrain-based bank to complete Leeds takeover
LEEDS, England (AP) -Second-tier English team Leeds says a Bahrain-based bank will complete a takeover of the club next month, ending its seven-year search for investment.
Leeds chairman Ken Bates says GFH Capital Limited has "completed the first part of the purchase and they will be taking over 100 percent of the club'' on Dec. 21.
Bates, the former chairman of Chelsea, will stay on in his role during a "transitional period'' while the new owners get to know the club. British media are valuing the takeover at 52 million pounds ($83 million).
Leeds reached the semifinals of the Champions League in 2001 but was relegated from the English Premier League three years later after being engulfed in financial problems.
The northern team is currently 18th in the League Championship standings.