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Leeds United Takeover .
The club have been owned by Gulf Finance House since completing a long winded takeover from Ken Bates .This was completed on December 21 2012.
GFH are an investment bank based in Bahrain .Their main source of income involves buying up companies then selling them on for quick profits (flipping is the term they call it .)They have never made a secret that this was their intention with Leeds United .
GFH installed their UK based man David Haigh Managing Director of LUFC .The "master plan" was /is to invest enough money into the team to get back to Premier League ,then hopefully sell it on .
However GFH have got no "real" money and move money around their various "investments" as and when their in the brown stuff .
Neil Warnock was the manager when GFH took over and he was refused transfer cash .He subsequentley parted company ,leaving Leeds on the fringes of relegation .GFH then appointed Brian McDermott , giving him a 3 year contract and announcing promotion was not a requirement this season and s
aw it as a 3 year project to completely re-structure the whole LUFC set up .
The Summer transfer window was supposed to be the start of the job .No money has been provided by GFH yet .The clubs shirt sponsor came to the rescue supplying funds by paying his sponsos ship in advance .
The Bates regime redeveloped executive facilities ,paying £7 m.A loan was taken out to pay for this ,using season ticket sales from this season and last .This has also contributed to the transfer "pot" being empty .
Since the Summer the shirt sponsor Andrew Flowers (not the ex-cricket coach) and Haigh have financed the club by a reported £6m.
In late November 2013 Haigh ,Flowers and two unamed others announced they had formed a consortium to buy out GFH and take control of LUFC .This was then announced was all done and dusted pending Football League approval .First week in January at the latest was announced as being the target for completion .Transfer funds would be provided regardless by the Flowers consortium ,pending Football League approval .
Two players were signed ,but only on loan .A third signing Ashley Barnes was blocked by GFH ,even though Flowers personally offered to pay the fee .
This was the point it became "public" GFH were "courting" other parties ,namely the Italian Massimo Cellino .Another Yorkshire consortium led by former Man.Utd director Mike Farnan have also made enquiries .
In the last fortnight GFH have given the Italian guided tours of LUFC and its training academy .Cellino then returned to Italy and the Italian media announced he had bought Leeds and was going to ship in half a dozen players and sack Brian McD ,because he doesn't employ managers only coaches .He picks and buys the players and the coach has to work with them .(Explains why he's had 36 "coaches" in the last 20 years.)
Cellino returned to Leeds this week and brought his sidekick ex-Middlesbrough defender Gianluca Festa .Some time on Tuesday a request/demand for Festa to sit alongside B. McD on the Leeds bench .McD told whoever made the request /demand to go and do one .The pre-match build up was then dominated by the impending Cellino proposed takeover ,further undermining B.McD's position .
Then came Fridays "bombshell" .Ross McCormack announced he had pledged his future with Leeds , he even rang Sky Sports to tell them so .2 hours later ,McCormack's back on the blower live on Sky saying he's "gutted"McD has been isacked and confirms he's spoken to McD since learning this news .
Friday night West Yorkshire Police are called to Elland Road due to an angry crowd preventing Cellino's taxi from collecting him .They chase it out of the car park .
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Saturday morning it emerges B.McD was "dismissed" through Cellino's lawyer along with acting Chief Executive Paul Hunt ,who ironically introduced Cellino to GFH .
B.McD informs League Managers Association of his dismissal .He had apparently informed LMA about the Festa dug-out stunt .The reporting of this and his refusal to be undermined have been reported to have been his reasons for dismissal .
B.McD's assistants Nigel Gibbs and Neil Readfearn take charge of team v Huddersfield .
It then emerges the clubs shirt sponsor (Andrew Flowers' company) are withdrawing in protest at McD 's treatment .Another sponsor Flamingoland Theme Park ,withdraw their sponsorship funding of Leeds'Academy .
Previously on Thursday the Haigh-Flowers consortium officially announced their bid had collapsed and accused GFH of reneging on their bid and breaking covenants .Flowers is considering legal action against GFH .
After going behind to Huddersfield ,Leeds make an emphatic comeback and run out 5-1 winners .
Immediately after game LUFC make official press release saying Brian McDermott has NEVER been dismissed and is expected to be at work on Monday .
So there you have it .
Leeds United at the time of posting are still officially owned by GFH .
However , The twice convicted for fraud and currently awaiting trial for further criminal charges ,the clearly unfit and improper would -be owner has made a "great" start .In less than 24 hours
he's sacked"sacked'"the manager enraged,upset the club captain ,enraged the fans and lost main2 main sponsors and may have triggered legal actions against GFH brought.
He makes Blackburns'Venky's look reasonable sensible people .
he's"sacked" the m
anager enraged the vast majority of Leeds United fans .