Very interesting. Speculation continues to mount about the financial viability of the prospective buyers of Leeds United. Until recently, the deal was hidden beneath such a cloak of secrecy that many wrongly believed - and claimed on here - that Gulf Finance House ne Gulf Finance Capital were simply fronting the deal; now we know that GFH / GFC are the full shebang and the deal lives or dies on the ability of the dubious Islamic bank to finance the purchase.
Well now Sa'Pinto, French & Weir of REUTERS have put the cat amongst the ibises by declaring that GFH/GFC "appears to have little financial fire power to complete the deal". Ouch! Six months down the line, this is not what Leeds fans want to hear!
Apparently, the company has"previously taken big fees from projects that rarely see completion" . Double ouch! Maybe that's why the take over is dragging on so long.
The report adds the GFH group "had more than a quarter of a billion dollars of accumulated losses and less than $6M in cash at the end of June." Bloody hell! No wonder the company is seeking cheap publicity!
Apparently, 2011 produced a profit of less than half a million dollars - and they want to buy Leeds and take on Premiership wage bills?
It's all beginning to sound like samboosa in the sky to me. But I'm sure Leeds fans will tell me the take over will definitely happen tomorrow.
Or the day after tomorrow
or the next tomorrow
or the tomorrow after that
or tomorrow's tomorrow's tomorrow's tomorrow's tomorrow