A Middle East-based private equity group has finalised a deal to take over Championship Leeds United. GFH Capital has now started a one-month transitional period and, following Football League approval, will become 100% shareholder of the club, reports BBC Sport.
Current owner Ken Bates will remain as chairman until the end of the season, when he will become president.
Bates told the club website: "I can confirm we have completed all negotiations with GFH Capital."
He added: "Neil Warnock will continue as manager with more support than the present owners were able to give and we look forward to a smooth transition.
"One thing I can say that has benefited from the negotiations is that this six-month courtship has given GFH Capital the opportunity to see the strengths and weaknesses and what needs to be supported."
Hisham Alrayes, managing director of GFH Capital said: "We are delighted to be able to announce the signing of this historic deal with one of the best supported football clubs in England.
"This is a fantastic opportunity to put an amazing club back where it belongs as well as to help bridge national and international borders with football."