LONDON: Three Arab Sheikhs planning to buy out English Premiership crisis club Leeds United by the end of the week were named yesterday.
The Daily Mirror has identified two Saudi Arabians who Bahrain-based Sheikh Abdul Mubarak Al-Khalifa said on Sunday he was hoping to join him in a takeover.
The two are Sheikh Mansour Salah Al-Zamil, who owns oil and gas containers and storage businesses, plus steel and construction companies and huge land interests, and Sheikh Fahd bin Muhammed Al-Sudairi, a businessman who is connected to the Saudi Royal Family.
Al-Zamil sees Leeds as potentially the Manchester United of the Arab world, a brand name that will attract business for him and also boost the ailing club.
Al-Khalifa has persuaded the men that Leeds are a good investment – despite debts of £80mil (US$136mil).
Sheikh Al-Khalifa's offer includes £17mil for shares and other millions to settle the two major creditors.
Leeds chairman John McKenzie has put a £60mil price tag on the club.
The Mirror said the Sheikhs were talking to the Leeds United directors.
Leeds came to an agreement with their creditors last week which avoided the immediate threat of administration.
The “standstill” deal has also released £4mil (US$7mil) to give the club until Jan 19 to find a buyer or to negotiate and secure a longer-term deal with the creditors. – AFP