Post by Taxigirl on Nov 30, 2003 9:47:13 GMT
A group of Middle Eastern investors expects to complete a takeover of Leeds United within a week, say reports.
Sheikh Abdul Rahman bin Mubarak al-Khalifa, a member of Bahrain's royal family, is heading a group aiming to take over the Elland Road club, according to news agency Agence France Presse.
"It's a group of investors from the Gulf, not just Bahrain, that I am leading and that will take over the English club," he told the agency in a telephone interview.
Sheikh Abdul Rahman said he expected "the deal to be closed within a week".
Rescue plan
He did not give any figures for the buyout, but the Daily Mirror reported the club has been offered £20m.
"I prefer not to give a figure because the club is heavily indebted and is looking to be rescued and that's what I am trying to do.
"My relations with the club go back 25 years and I am saddened by the current situation since they are bottom of the Premiership," said the sheikh who is also the chairman of Bahraini side Al-Najma.
Leeds United said on Wednesday it was in danger of being forced into administration after failing to reach agreement on the restructuring of debts amounting to almost £80m.
The sheikh, a long-time fan, would also take on the debts if he takes over in the next few weeks.
The club, who in the 2000-2001 season reached the semi-finals of the Champions League, are currently bottom of the Premiership and without a permanent manager following the departure of Peter Reid last month.
Elland Road legend Eddie Gray is in charge of the side as caretaker manager.
No-one from Leeds United was available for comment on Saturday afternoon.