Leeds United have announced that they have agreed a takeover deal with Dubai-based investment bank GFH Capital.
The takeover, which is subject to Football League approval, will mark the transition of a new hierarchy at the club, which will result in the replacement of chairman Ken Bates.
Bates told the club's official website: "I can confirm we have now completed all the negotiations with GFH Capital. We have completed the first part of the purchase and they will be taking over 100% of the club. Meanwhile, there is a transitional period while they get to know more about the club.
"I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off. Neil Warnock will continue as manager with more support than the present owners have been able to give and we look forward to a smooth transition."
Deputy chief executive of GFH Capital David Haigh added: "A brief but important transitional period now begins in terms of the changeover of ownership. We have today injected further funds into the club and now we look to the future and start the exciting journey to take Leeds United FC back into a prime position in English football once again.
"From a Leeds family myself and a supporter of the Whites since childhood, I know that football is at the very heart of the people of Leeds and the wider community. We want to thank all the fans in UK and around the world for their patience and support while the negotiations have been taking place. Lets now march on together, taking the club back to the Premier League as soon as possible."
GFH Capital executives Hisham Alrayes and Salem Patel will join the club in December.
Danielle Joynson
