English Premiership
Bahraini bank acquires Leeds
2012-12-21 14:28
Leeds - A Bahraini investment bank has completed its takeover of fallen English power Leeds.
GFH Capital is promising a "fresh start" for the second-tier club after taking control from Ken Bates in a buyout worth a reported 52 million pounds ($84 million).
Leeds reached the Champions League semifinals in 2001 but was relegated from the Premier League three years later after being engulfed in financial problems.
The northern team, which won the English topflight title in 1992, is currently 12th in the League Championship.
Incoming director Salem Patel says the "business model isn't predicated on us being in the Premier League."
Bates will remain as chairman until the end of the season.
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