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INVESTMENT UPDATE

Update on share transaction....

Published 07 January 2014 at 07:34

Stadium

The club can confirm that the group which will acquire a majority shareholding in Leeds United later this month includes lifelong Leeds United fan, and current managing director of the club’s main sponsor, Enterprise Insurance, Andrew Flowers.

Sport Capital, a consortium involving current Leeds United managing director David Haigh, Mr Flowers, and others, are close to completing a transaction that will see them acquire a minimum 75% stakeholding in the club.

Andrew Flowers said: “I’m delighted to confirm that I am part of the consortium that will be acquiring the major shareholding in the club. As a lifelong Leeds United fan and as a businessman, I can assure other fans, that while the process is being finalised, we have been working hard to ensure that our due diligence was completed as quickly as possible and that there are funds in place ahead of completion to support the manager during the opening weeks of the January transfer window.”

Sport Capital have been funding the club during the transactional period and will continue to do so ahead of completion.

David Haigh said: “Completion is something we have been working very hard to achieve. We’re now past the holiday periods of Christmas and New Year and we’re looking forward to completing shortly. We are working closely with the Football League regarding the necessary documentation, and we will do our best to keep fans fully informed.

“In the meantime, as Andrew has said, we have ensured that there are funds in place for the January transfer window and we are working closely with Brian McDermott regarding his plans. Hopefully, we will all see some of this work come to fruition in the coming days.

“I’d like to take this opportunity to thank the fans for their continued support.”