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Leeds owners: We won't break the bank

22 December 2012

Leeds fans have been told by the club's new owners not to expect a crazy spending spree during the January transfer window.

Dubai-based investment bank GFH Capital, who confirmed they have bought a 100 per cent stake in Leeds City Holdings, the company that owns the football club, outlined plans for a "sustainable and successful future" on Friday when the completion of their takeover was confirmed at Elland Road.

GFH Capital deputy chief executive David Haigh, who became a Leeds director two weeks ago, has been joined on the club's board by GFH Capital board director Salem Patel and GFH Capital managing director Hisham Alrayes, signalling the end of previous owner Ken Bates' reign.

The new owners have bought the club for cash, understood to be ?52million, but, while confirming manager Neil Warnock is fundamental to their plans for a speedy return to the Barclays Premier League, they said they would not be bankrolling a raft of new player signings next month.

"Obviously it's going to take investment and we wouldn't have bought a club like this if we weren't prepared to make that kind of commitment," said Patel.

"But what we want to say is, we're not going to be spending crazy money like some football clubs have. What we want to do is make the investment sustainable and make the club successful, it's as simple as that."

London-born Patel, clearly inspired by the atmosphere at Elland Road in midweek despite the club's 5-1 Capital One Cup defeat to Chelsea, added: "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 the club up. We looked at a number of clubs, but for us Leeds United was the most attractive for the reasons outlined.

"What we hope to achieve is to bring back the type of atmosphere that we all witnessed on Wednesday, although the result wasn't great the crowd was absolutely fantastic and that's what we really want to recreate, a sustainable and successful future."

Warnock, hoping to secure a record-breaking eighth promotion in English football, is hoping to hold talks with the new directors about how much money will be made available during the transfer window.

Warnock said: "This is a massive day in the history of Leeds United Football Club. I've had some very encouraging conversations with GFH Capital and it's great news that the deal has now been completed."

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