Is this the day Leeds United's takeover dreams come true?

Leeds United

Leeds United's much-discussed takeover is said to have taken a step forward in the past 24 hours.

Ken Bates is not a popular man at Leeds United. Oh no. And fans are desperate to see the back of him.

Salvation looks to finally be on the horizon for supporters, after enduring seven years of the former Chelsea owner's regime.

The group looking to buy the club is Dubai-based consortium, GFH Capital.

The specifics of who they are does not matter in great detail to Leeds fans at this early stage. What matters is (a) They appear rich and (b) They are not Ken Bates.

The group yesterday secured a complex extension period in which to complete their negotiations, and issued a statement which has given fans high hopes the long-running saga could imminently be coming to a crescendo.

GFH chief executive David Haigh, said: "We have come so far and are looking forward to what we hope will be a positive statement about change in ownership of Leeds United shortly."

So is today the day? It is the question Leeds fans have woken up asking themselves almost every day since news of the talks emerged, but it appears as though this time it may actually come to fruition.

The group said it has supplied documents to the Football League, reputed to be the 'Fit and Proper Person's Test', whatever that may actually entail, which really illustrates what an advanced stage the talks are at.

The speed of the resolution may depend on the Football League, how quickly they take to 'rubber stamp' them. It may take substantially longer than 24 hours.

However there is one note of caution. This comes from Reuters regarding the GFH group:

"The Bank's most recent financial statement, filed earlier in November, says GFH made a profit of $7.5 million for the nine months ended Sept. 30.

"But the cash flow statement shows that losses from operating activities were $14 million, and that the bank only achieved a profit by selling $26 million of treasury shares and netting $56 million from a convertible Islamic finance instrument.

"Auditor KPMG flags a note in the statement footnotes which includes the caveat that the group's accumulated losses stand at $294 million and that current contractual obligations exceed its liquid assets."

So what do you think? Are you just keen for the deal to be done and dusted? What are your thoughts on the new investors?

image: © Chris Robertshaw

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