Leeds owner Ken Bates has announced Bahrain-based investment bank GFH Capital will complete a 100% takeover of the club on December 21.
Bates, 80, who took control of the club just short of eight years ago, confirmed the first part of the takeover had been completed and he will stay on as chairman until the end of the season to help the new owners during a transitional period.
"We have now completed all the negotiations and investigations with GFH and we've now completed the first part of the purchase and that happened at 10.30pm last night," Bates told Yorkshire Radio.
Copyright (c) PA Sport 2012, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: https://www.givemesport.com/writeforgms