Leeds United owner
The Championship outfit originally said it was in exclusive discussions with unnamed investors on
All the club had said prior to this weekend was that the exclusivity period was over and that talks remained ongoing, but in a statement released on Saturday afternoon, Bates confirmed that he has been negotiating with a banking institution which is a limited company and has interests across the Gulf,
Four of its representatives from
"We're well advanced with discussions," the statement from Bates read.
"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.
"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."
It still remains unclear whether or not the investors will be completing a full takeover of the club that Bates took control of in 2004, but the current school of thought is that the former Chelsea owner will remain with Leeds in some capacity.
He has rarely been popular with United's supporters since that day, and his overseeing of its relegation to League One and a subsequent 15-point deduction for financial matters did little to help that, but levels of unrest have grown over recent months, with regular protests being staged against his continued ownership.
And, seemingly in a bid to pacify some of his critics regarding the lengthy delay in investment talks, he added: "The confidentiality agreements that were put in place are very important to the investors.
"They are a banking institution and a
"They are using London lawyers and there has been some logistical issues, but we have discussed things at length and agreed that we can make certain things public.
"Since we signed the agreement in June - and told people what we had done - there has been a lot of speculation and agitation, especially by the
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