After months of negotiations, Dubai-headquartered development capital firm GFH Capital has reached an agreement in principle to purchase Leeds United Football Club.

The deal is believed to be worth around £52m and is due to be completed in the New Year, according to a person familiar with the situation.

The deal is a marked departure for a Dubai-based firm which has traditionally focused on small cap technology and healthcare

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The hedge-fund founder is asking triple what he paid for the Bali-inspired Manalapan estate in 2017.

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The announcement comes as USS Investment Management said it won’t bid for the property firm.

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The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

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