Ken Bates’ proposed sale of Leeds United will be managed by a unit of a Bahraini investment firm.
Gulf Finance House said it had “signed an exclusive agreement to lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC”.
The company did not give any details about the investment or a timeline.
On Saturday, Bates had confirmed he was in advanced talks with a ‘banking institution’ over a proposed investment in the Championship club.
It had been unclear whether or not the investors would be completing a takeover of the club, but Gulf Finance House’s use of the term “acquisition” would suggest a full sale is in the works.
Bates, 80, who took control of Leeds in 2004, first revealed they were in exclusive discussions with unnamed investors on 26 June.
But he has since said he has been negotiating with a bank who are a limited company and have interests across the Gulf, Asia and Africa.
“We’re well advanced with discussions,” said Bates in a statement on Saturday.
Four of their representatives from Bahrain were present at Elland Road on Saturday for Leeds’ clash with Nottingham Forest.
“There’s a number of finer points to be resolved, but we’re making good progress. We had four of the top people over here for a big meeting on Friday and they are at our game on Saturday,” he added.
“The potential investors are looking to conclude things as soon as possible.
“Both parties regret missing the August transfer deadline, but we are planning for the January transfer window.”