Leeds United announce £20m investment

Leeds United Crest

Leeds United have announced that president Massimo Cellino and GFH Capital have agreed on a new £20 million investment for the club.

The Italian entrepreneur recently went to Bahrain to secure the deal, and it has now been confirmed that he has been successful in his endeavour.

“Leeds United Football Club is delighted to confirm that the club's President, Massimo Cellino and GFH Capital signed an agreement on 1 December to inject up to a further £20m of equity capital into the club,” read a statement on the club’s official website.

“The deal was completed and signed during Mr Cellino's recent visit to GFH's headquarters in Bahrain.”

It has also been announced by Leeds that, according to the agreement, GFH will invest £5 million and will continue to maintain their 25% of the shares of the club.

"I am extremely pleased that GFH has extend this level of support to the club,” said Cellino. “This equity injection is a great example of their positive intent and integrity. We very much look forward to further strengthening our partnership to take the club to the next level.”

The agreement comes at a time when Leeds are embroiled in a controversy surrounding Cellino.

The Italian has been asked by the Football League to resign from his position, although the Leeds owner is said to be considering an appeal.

Leeds are currently 15th in the Championship table with 23 points from 19 matches, just five points above the relegation zone.

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