New Leeds United owners won’t spend ‘crazy money’

Updated 21 December 2012
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New Leeds United owners won’t spend ‘crazy money’

LONDON: Dubai-based GFH Capital said it would not spend “crazy money” to restore former English champions Leeds United to the Premier League after completing a takeover reportedly worth 52 million pounds ($84.6 million).
GFH has bought the club from majority shareholder Ken Bates, the former owner of Chelsea and a familiar figure in English soccer for the past three decades.
Bates, 81, is not severing all ties with Leeds. He will remain club chairman until the end of the season.
Well supported Championship (second division) clubs like Leeds are drawing interest from foreign investors who have their eye on promotion to the lucrative Premier League.
“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. We looked at a number of clubs but for us Leeds United was the most attractive,” GFH Capital executive Salem Patel told a news conference.
“We’re not going to be spending crazy money like some football club owners have. What we want to do is to make the investment sustainable and make the club successful,” he added, saying the business model was not predicated on the club being in the Premier League.
Money from Abu Dhabi has helped to turn Manchester City into Premier League champions but questions have been raised about the financial stability of GFH Capital and its Bahrain parent firm Gulf Finance House.
David Haigh, a GFH Capital executive and Leeds fan who has acted as the frontman for the bid, defended the takeover and the credentials of the company.
“We’ve bought this club with cash, there is no debt,” he said. “We are a Dubai-based regulated bank, owned by a Bahrain-based regulated bank that is listed on four stock exchanges including London.”

Leeds have not been in the Premier League since 2004 and are currently mid-table in the Championship. Their limitations were exposed when Chelsea beat them 5-1 in the League Cup this week.
The club last won the English top-flight title in 1992, the final season before the Premier League was launched.


Golf Saudi ambassador Charley Hull seals thrilling victory to clinch PIF Saudi Ladies International

Updated 57 min 21 sec ago
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Golf Saudi ambassador Charley Hull seals thrilling victory to clinch PIF Saudi Ladies International

  • World No. 5’s 60-foot eagle proves decisive in dramatic final round surge

RIYADH: Charley Hull carded a seven-under 65 in the final round of the $5 million PIF Saudi Ladies International to be crowned the champion of the Ladies European Tour season opener.

Hull proved her affection for Riyadh Golf Club once again — she previously won here in 2024 and three further top 10s in the Saudi capital — scrambling through a packed field, posting seven birdies and an eagle on the par five 12th courtesy of a 60-foot putt.

The 29-year-old, who now has five LET wins to her name, had a nervy wait after holing a birdie putt on her 72nd hole of the week to post the clubhouse lead in the first PIF Global Series event of the year.

Clutching the trophy, Hull said: “I feel great, and I love this golf course, and I like how it’s really matured over the years. It’s getting trickier each year. The grass is getting thicker, and I just really like it. It was a good challenge.

“I’ve worked really hard this off-season, so it’s nice to see results straight away. It’s one of the bigger events on the LET, and it feels like a home event for me because I’m a Golf Saudi ambassador. So, it’s really special to win for my sponsors.”

South Africa’s Casandra Alexander made her own back-nine charge for the title, birdieing four out of a five-hole stretch between 11-15. A bogey on the par three 17th left the 26-year-old, who contested a Sunshine Tour playoff just last week, needing a birdie to force another one, but the crucial putt missed its mark, finishing runner-up for the second week in a row alongside Japan’s Akie Iwai.

Spain’s Carlota Ciganda made a consistent start to the season with an opening round of 67, followed by three 68s to tie for fourth with third-round co-leader Hye-Jin Choi from Korea.

England’s prodigious Mimi Rhodes, who led the field after the first two rounds but lost ground with a score of level par on Friday, rallied with a convincing five-under par 67 to finish joint sixth.

The PIF Global Series heads to Las Vegas for its second stop, making a historic West Coast debut. This event signals the first time both the PIF Global Series and the Aramco Championship will be hosted in the region, bringing elite-level competition to one of the world’s premier sports and entertainment destinations. Scheduled from April 2–5, the tournament will see players competing for a prestigious $4 million prize fund.