Middle-Eastern investment bank, Gulf Finance House, have announced they have signed an exclusive agreement to lead a takeover of Championship side Leeds United.

Details remained thin on the ground after that, other than for the club to confirm the exclusivity period had ended, before, on Saturday, current owner Ken Bates broke his summer-long silence by admitting he was in talks with a group from the Middle East.

He entertained four businessmen in his box at the game against Nottingham Forest and on Thursday morning, in a letter released to the Bahrain Stock Exchange, GFH confirmed that one of their subsidiary companies, GFH capital, were the group operating on behalf of the potential purchasers.

The letter read: "Further to the news published in the Gulf Daily News on the 25th and 26th Sep 2012, referring to the proposed acquisition of Leeds United Football Club (LUFC), GFH would like to confirm that GFH Capital Limited, a 100% subsidiary of Gulf Finance House, has signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC.

"Due to a confidentially provision, no further details can be given about the commercial terms of the transaction."