Leeds United: Farnan consortium make urgent plea to GFH to step up takeover talks

Mike Farnan.
Mike Farnan.
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The British and Irish consortium fronted by Mike Farnan today made an urgent plea for Leeds United owner Gulf Finance House to step up takeover talks with them as the club hovered on the brink of a sale to Massimo Cellino.

Numerous sources have told the YEP that GFH and Cellino are close to finalising a buy-out following the collapse of a previous attempt to take charge of Leeds by David Haigh’s Sport Capital group.

Sport Capital - a consortium which included United managing director Haigh and Enterprise Insurance boss Andrew Flowers - fought for two months to secure a 75 per cent stake in Leeds but admitted defeat yesterday and declared their bid dead.

Cellino, who owns Italian club Cagliari, is now edging towards an agreement with GFH but Farnan’s group - featuring Welcome to Yorkshire chief executive Gary Verity, former Hull City chairman Adam Pearson and Red Strike Marketing executive Frank Devoy - urged GFH to accept their proposal after commencing negotiations this week.

In a statement, Farnan - formerly the managing director of Manchester United International - said: “TogetherLeeds, led by Mike Farnan, issued an offer for the share capital of Leeds United on November 14, 2013. The value offered was significantly in excess of the amount publicly reported.

“Our bid remains fully funded, and our strategy involves credible Yorkshire and football people, with Leeds and the community at their heart, rebuilding this great club. We think that our consortium is the best future custodian of the club and represents the best way forward.

“In recent days, before and since the collapse of the Sport Capital bid, we have re-engaged with GFH, and offered significant investment into the club.

“We are hopeful of those discussions being allowed to progress to a successful conclusion. We thank everyone for the huge support shown to us, particularly this week.”

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