By Andrew Warshaw
December 24 – The new Middle Eastern owners of iconic English club Leeds United have promised not to spend recklessly as they attempt to restore past glories.
Dubai-based private equity group GFH Capital have become the latest investors from the region to take a stake in English football after completing their takeover of Leeds who are debt-free.
GFH have bought 100 percent of the club and executive Salem Patel said: “In one or two years’ time we want this club to be successful on and off the pitch.”
“As a city Leeds is thriving but having a successful football club is absolutely vital.”
GFH has confirmed that the deal, which is reported to have cost in the region of £52m, was paid in cash for a club who were once the kingpins in English football but who last won the league title in 1991-2 – the final season before the Premier League was launched – and have suffered over the years from a series of financial setbacks and ownership changes.
Leeds, with a massive fan base, are currently eighth in the second tier of English football and Patel said: “What we want to do is create a successful but sustainable club and I think every fan will be with us.
“English football is one of the most successful exports that England has at the moment. People are watching world over and being part of that is very exciting to us. We want to take Leeds back where they belong.”
But, he said, his organisation would not copy other unnamed clubs by spending “crazy money” to restore Leeds to the Premier League which they left in 2004.
“Leeds United is a great football club, It’s got history, it’s got pedigree, it’s got a fantastic base on which we can build. We looked at a number of clubs but for us Leeds United was the most attractive,” said Patel.
“We’re not going to be spending crazy money like some football club owners have. What we want to do is to make the investment sustainable and make the club successful.”
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