The Internet and social media have revolutionised the way we live. Now, if you've got a phone or a tablet and an Internet connection, you have the power to get your opinions and views out to the entire globe and if what you say appeals to even tiny niche communities then thousands will come flocking.

Leeds United is one such community and the storm that hit the social media through the second half of 2012 provided the strongest evidence possible.

A few obscure Twitter postings from Sun reporter Andrew Haigh in May 2012 to the effect that Ken Bates would be out of Leeds United within weeks and the TOMA (Take Over My A***!) phenomenon was launched. It became an all-consuming thread on the waccoe.com fans' website, spawning millions of posts over the next six months, with Gary Cooper, chairman of Leeds United Supporters' Trust (LUST), making regular contributions under the nom de plume of BIG (Billy Is God). He clearly knew something or at least made people think he did and you should have seen the story mushroom …

United supporters had grown more and more disturbed by the arrogance and intransigence of Bates and were ready to grasp at any straws that hinted they would soon be rid of the devil incarnate. The pointed speculation was the perfect incendiary device and fans seized on it with relish.

Rumours were intense and spread like wildfire across the web with all sorts of fanciful rumours. If you believed everything, Middle East billionaires, Ugandan businessmen, American global giants, and even Don Revie's son Duncan were about to come riding over the hill to rescue Leeds.

There was substance to the rumour, however, and it became so intense that the United hierarchy felt obliged to issue an official statement on 29 May, confirming that talks were indeed taking place regarding investment. Revelations, both true and misleading, continued to leak out throughout the summer, periodic claims that a takeover was 'imminent' sending fans into convulsions as waccoe.com threatened to spontaneously combust.

After leading United to a fourteenth-place finish in 2011/12, Neil Warnock was talking up the need for new blood at Elland Road, following an announcement that up to 11 players would be moved on during the summer.

Warnock added that he wasn't sure how many incomings there would be as it depended on how many of the listed players left and for how much. He had been stung badly the previous season at QPR when few transfers were completed until late in the summer. 'It was a disaster policy. We suffered the consequences so I'd like to do business as soon as I can.'

The first man in was centre-back Jason Pearce, signed for a bargain £500,000 from Portsmouth, who had gone into administration in January for the second time in three seasons. Pompey desperately needed cash and for once United were the beneficiaries of the financial climate.

Warnock tried to take further advantage by adding Pearce's Fratton Park colleague Joel Ward, but Leeds missed out with several sources suggesting the club had struggled to finance a fee of £400,000, setting alarm bells ringing amid rumours that Leeds were facing another period of financial trauma. Supporter disquiet welled over; frustrated fans protested that the feathering of his nest by Bates and the money pouring into the refurbishment of the East Stand left little to invest in the squad. There were sharp protests from Bates of a £12 million transfer kitty and being in the division's top five in terms of spending on players and wages. He used his Yorkshire Radio mouthpiece to condemn the unreasonable financial expectations of players, claiming that the agent of one had demanded £15,000 a week, equivalent to £780,000 a year or nearly £900,000 with taxes for a footballer in the Championship.

Bates sank his teeth into protestors, claiming that a demonstration by the supporters at the previous season's opening match against Middlesbrough had cost the club a £20 million investment, deterring a Leeds-supporting Saudi businessman with cash in the bank.

Bates was entertaining him in the old West Stand boardroom during the Boro game. They had a clear view of the fans protesting outside. Seeing his guest was a little subdued, Bates tried to 'laugh it off and put it down to youthful exuberance and the disappointment of just missing out the previous season'.

The chairman thought no more of it and the men parted on good terms but Bates never heard back from him.

The furious Bates dismissed protesters as morons in his next programme notes against Hull City, something that went down like a cup of cold sick.

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Fans demonstrated again prior to Brighton in February, arguing about the lack of investment on the pitch, the reliance on loan players, and paying Premier League prices to watch poor quality Championship football.

Speculation about the club's finances was stoked up by a searching and detailed analysis on the Swiss Ramble blog by Kieron O'Connor, an ex-pat British financial expert living in Switzerland. His musings of 18 May spilled over pages and pages as he dissected the way that Bates had benefited from the administration in May 2007 and the CVA that followed.

He acknowledged the improvement that Bates' prudence was having, although noting that the recovery was largely due to the administration that had been employed to clear the debts and allow the club to start afresh. He went on to analyse United's recent finances, which he described as sound.

Bates had brought financial stability, got a grip on costs, and returned the club to profitability, albeit with a significant dependence on transfer income.

The achievement was notable for a Championship club; in 2011 only three clubs returned a profit, with United's £3.0 million only bettered by Watford at £9.6 million. Nine clubs lost more than £10 million.

Leeds under Bates were very much an exception to the rule, the only Championship club to make profits in both 2010 and 2011. They were also exceptional in terms of revenue. In 2011, £34.5 million was not only the highest turnover in the division, but £5-£6 million greater than the next three clubs (Burnley, Middlesbrough, and Hull City), all of whom were boosted by £15 million in parachute payments following relegation from the Premier League.

On the expenditure front, Bates had brought the paybill down to less than 50% of turnover, although it rose above 55% in 2012 when income fell.

The balance sheet had been strengthened and debt was under control after the eye-watering liabilities of the early Millennium, although the improvement owed much to the write offs forced through by the CVA.

The club was now a net cash generator (£10.1 million in the five years since administration) and the sum was boosted by player sales (a net £9.5 million over the same period), but £23.3 million had been sunk into building projects, such as the East Stand, new executive boxes, and lounges. This revelation bore out Bates' claim that around £20 million had been spent on 'the clapped out, decaying stadium that I inherited', but gave the lie to his brash insistence that 'all the money we have received has gone back into the squad'.

It was obvious, however, that there were emerging issues with cash and several new sources of funding were agreed between November 2011 and June 2012 to boost liquidity.

Aside from the analysis of the books, Swiss Ramble's real contribution to the TOMA story came with its comments on United's ability to fund player wages and transfers. The wage bill, 'a bone of contention for fans', was low relative to the club's turnover. Since Bates 'rescued' United in 2007, wages had risen by £3.8 million versus a £9.4 million growth in income.

The football club's wage bill of £16.5 million was twelfth highest among the Championship clubs and around half QPR's £30 million.

While money was no guarantee of success, said O'Connor, only four clubs had spent less than Leeds over this period. Bates had never supported his managers at Elland Road with adequate purchase and pay budgets, his attitude encapsulated by his comment after dismissing Grayson, 'We are building a club first and a team second and we are making progress when so many people are having financial difficulties.' O'Connor felt that was 'fair enough', though it could also be seen as a false economy to hold down expenditure and miss out on the riches of the top-flight.

The Swiss Ramble feature sparked the post that launched the TOMA thread on 23 May 2012, with Paul Grimley quoting several tweets from Sun reporter Andrew Haigh, saying that there had been £11 million in player trading over the last year but the club couldn't muster £1 million for Neil Warnock's 'major surgery' in the summer, that Bates 'won't use his/our money now' when he wouldn't be here in a month and that there was 'something in this one', unlike previous rumours.

But what really set the storm off was the words of LUST chairman Gary Cooper. He said that LUST had been in constructive discussions with several potential investors over recent months and was very confident of a positive outcome. He said that he wasn't at liberty to reveal everything he knew and appealed to fans for patience.

Wait 60 seconds for that comment to sink in. And we were away …

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Soon there were tens of thousands of posts on the TOMA thread on waccoe.com.

On 28 May, LUST issued another statement, saying that in February it had asked any potential investors to contact LUST with a view to working together to buy out Bates. LUST had developed a presentation to demonstrate to interested parties the benefits of working with it and the Trust had been in contact with several parties, including two groups who were interested in buying the club. It could not go into detail for fear of jeopardising any current negotiations.

Phil Hay of the Yorkshire Evening Post backed the story and the club felt obliged to issue a formal statement on 28 May, confirming that talks were taking place. It added that it had always been clear that it would welcome potential investment but that 'the quality of the investor is the most important factor in terms of the long-term development of Leeds United.'

That was enough and we were off with a story that dominated the summer, with Phil Hay issuing the first details of what was in the air. He reported that an unconfirmed American group, based in Chicago, was pursuing a major shareholding in the club and had travelled to England for talks.

He confirmed that Bates was actively seeking investment and that there had been serious interest from across the Atlantic.

On 26 June, there was another official statement confirming that United had granted an exclusivity period to enable a potential investor to carry out due diligence, which it suggested would be a straightforward process.

The club noted that a confidentiality clause prevented it from making any further comment, but that discussions with the potential investor had 'left us very comfortable that they have the financial resources to support the club and that they will have no issues in satisfying the requirements of the Football League's Owners' and Directors' Test, unlike many of the previous approaches we have had to endure'.

On 9 August, LUST tweeted out that the deal to buy the club had collapsed and an unnamed consortium of Middle Eastern businessmen were walking away.

United, however, insisted that things were still on track. A statement confirmed that the exclusivity period had ended but insisted that the club was happy to continue discussions. It was not prepared to do so on an exclusive basis for fear that it would miss out on a better option.

Sheikh Abdulrahman bin Mubarak Al-Khalifa, the man who led a failed takeover of Leeds United in 2003, was named as a key figure in the Middle Eastern consortium in July. Reports in the Bahrain media claimed a group of investors, headed by lifelong United supporter Al-Khalifa, were close to completing a deal for Leeds. But talks appeared to have stalled and Warnock claimed that that further new signings were now dependent on raising money from player sales.

On 25 August, Phil Hay added to the pressure on Bates to sign a deal, pointing out that it was 88 days since the announcement of investment talks and 60 since the start of the exclusivity period. Specialists saw the delay as exceptionally long, according to Hay, who added that 'this deal has strayed into the realms of the ridiculous and was heading that way for several weeks, not helped by the confidentiality agreement which smothers the full story.'

When TOMA fever first took hold, it was rumoured that United's slowness in the transfer market stemmed from the 'imminent' change of ownership. It had subsequently become apparent, however, said Hay, 'that Leeds simply had no money to give Warnock'. Hay concluded, 'This deal should be ratified without delay, in the best interests of Leeds United.'

LUST tried another tack to bring the negotiations to a conclusion by launching an advertising campaign on the club's doorstep. The Trust worked with local company City Ads to find the right location for a poster campaign and notices were put in place on 15 September.

With a prime position outside the main entrance to the redeveloped East Stand at Elland Road, the advert was in place initially for a month, with an option to extend if desired. Fixed to a lamp post directly outside the main frontage, a day glo poster bore the slogan 'Time for change' and added, 'Leeds United Supporters' Trust believe our club should match the ambition of our fans.'

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Three days later, when Leeds hosted Hull City, thousands viewed the poster. An estimated 300 fans staged a protest against Bates both before and during the 3-2 defeat, urging him to 'do the decent thing' and sell the club.

Bates used his programme notes to snipe back at LUST, saying that despite the confidentiality agreement, stories continued to appear 'with varying degrees of accuracy', including a TV interview which promised that a deal was 'imminent'. Bates grumbled, 'It wasn't then and is progressing slowly now', before launching into a diatribe about everybody in football expecting everything now, while the real world was very different and things were rarely as urgent for others.

He said that in February, he had agreed to talk to 'another Middle Eastern party'. In June, when United announced the exclusivity agreement with another party, 'the first party introduced went bananas. threatening to report Shaun Harvey to me, the Football League, and (interestingly) to LUST! They had not taken their interest forward for nearly four months.'

Bates claimed that the appropriate documents had not yet been finalised between the lawyers.

His comments did not appease the protesters who gathered outside the entrance to the chairman's new executive box in the East Stand, waving banners and chanting against him. But appeasement was not his intention. He had long since abandoned all attempts to influence the 'Morons'.

During the following week it was reported that a second offer of investment had arisen, also from the Middle East.

Bates had also opened talks with American billionaire Preston Haskell, a real estate entrepreneur, who would offer major funding to improve the squad. This proposal had advanced rapidly with Haskell attending the Hull match, accompanied by legal and business advisers, to discuss the investment required to deliver promotion.

If either of the new offers were to be accepted, money would have been made immediately available to strengthen the squad via the 93-day emergency loan system with a view to permanent January transfers.

It had already been a summer of extensive comings and goings, though Warnock admitted on Yorkshire Radio that he had to move players out before he could bring new men to the club.

The potential purchasers of the club had offered the manager some assistance with cash injections and had sought to persuade Scotland international Robert Snodgrass not to quit Leeds for Norwich City.

'Snods is a special player,' said Warnock, 'and it's no secret that we've made him a good offer … He's seen a lot of his teammates depart and I felt we had to make him a top-rate offer.'

The Scotland international had one year left on his contract and the deal put on the table would have made him the club's biggest earner but for him it was all about ambition: his desire to play in the Premiership and United's readiness to push on for promotion. Snodgrass doubted the club's ambition, openly breaking ranks when Jonny Howson left for Norwich in January by saying, 'How can you say you're aiming for promotion and then sell your captain?' He was now quoted as saying, 'Being captain of Leeds United in the Premier League would be a dream come true. If anyone would have said that when I went down there as a 20-year-old, I wouldn't have believed them, I don't think anyone would have. But I am living in the real world. We didn't get there. If things change in terms of bringing players in and getting Premier League class and kicking on, then it's a no-brainer. You sign the contract and move on.

'The next decision for me is vital. But it's not about me, it's about my family and making the right decision for them.

'The chairman is trying to put a bit of pressure on me. He's telling me what plans he has got for the club. But they told me the same type of plans the season before and it didn't work out. So it's hard to buy into these things again. I'm captain now, so I should be able to just sit back and let everything else happen. But it's a wee bit unfortunate that I'm in this situation. I'll make the right decision when the time comes.

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'Who knows whether [Warnock] has got one or two years left at Leeds? If it's one year and I don't sign the contract, then I'll be free next year. If I do sign, I'd have another year left and be in the same situation I am in now.

'So it's all right for him to say he could get me a move, but if he leaves, then the people up above him in the football club are not going to worry about what he said. My future doesn't lie in the hands of Neil Warnock, it's in the hands of Robert Snodgrass.'

The winger lost patience with no end in sight to negotiations and left for Norwich City, joining up with former teammates Howson and Bradley Johnson. His departure, for a laughable £3 million, was a desperate blow, cutting Warnock to the quick.

However, the manager hoped to extend the contract of top scorer Ross McCormack before the season started and ruled out his departure. He was forced to acknowledge the financial realities and sought to move players on to free up space on the paybill to bring new men in and admitted he thought he was 'a couple short'.

Warnock used the Snodgrass money plus the £500,000 received for Adam Clayton (Huddersfield) and £300,000 for Andy Lonergan (Bolton) to reshape his squad. He badly needed to recruit with Bruce, Sam, Forssell, Webber, Taylor, O'Brien, Paynter, Connolly, Rogers, Thompson, and Poleon all leaving the club, several in loan deals.

Warnock followed the purchase of Jason Pearce by adding defenders Adam Drury and Lee Peltier, goalkeepers Paddy Kenny and Jamie Ashdown, midfielders Paul Green, David Norris, Rudy Austin, and Michael Tonge, and forwards Andy Gray (returning after 14 years), Luke Varney, and El-Hadji Diouf to the squad. He also benefited from the considerable potential of 18-year-old Academy product Sam Byram after blooding him on the opening day.

Byram's big moment came against Wolves at Elland Road, the game won by a single goal from Luciano Becchio, with Warnock handing out nine league debuts.

The identity of the potential buyers finally became apparent that afternoon. Salem Patel and David Haigh, directors of Dubai-based investment company GFH Capital, sat close to Ken Bates in the East Stand throughout.

No one denied that they were representatives of the interested party, although there were some fanciful claims as to their true identities before they were formally confirmed.

GFH Capital was a private equity firm wholly owned by the Bahrain investment bank Gulf Finance House, an investor, adviser, and fund manager with a 'ten-year track record of top-performing investments and fund management'.

The bank had transformed its financial performance after losses of £450 million in 2009 and £215 million in 2010.

In 2011, the bank had made a profit of £235,000 on turnover close to £43 million. In the six months to July 2012, there had been a profit of more than £3.5 million on income of almost £20 million.

GFH had no record of involvement with football, but Haigh declared himself a Leeds United supporter with family from Leeds.

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Despite a winning start, United had a middling opening run. After three victories from their opening seven fixtures, they sat eleventh.

The mood was lifted by success against Nottingham Forest on 22 September, the 2-1 victory trumpeted in the Mail as 'their most impressive win of the season'. Forest were the last unbeaten side left in the Championship.

Haigh, Patel and Hisham Al Rayes, the parent company's acting chief executive officer, sat in the directors' box alongside Bates, who reported that there were several technical points still to be addressed and that some of the delays were due to summer holidays.

There had been talk about disagreements over indemnities, the protection for a buyer against any liabilities becoming apparent after a sale was finalised, and arguments over cash paid to the club by GFH Capital during the summer. A United source claimed scheduled payments to the club had been missed. A source at GFH countered by saying they were unwilling to release any more money until final agreement on the transfer of Bates' 72.85% stake was reached.

Bates was confident that progress was being made and that GFH wanted the deal concluded as soon as possible. He claimed that factors beyond his control meant that United missed the August window, but they were already planning for January.

United enjoyed a fantastic run in the Capital One Cup with some high-profile victories over superior opponents, including Premier League Everton on 25 September.

Albeit against vastly inferior opponents, Leeds had already scored seven goals without reply in the competition, beating Shrewsbury 4-0 in the first round before netting three against Oxford.

The Everton tie was staged on a stormy night in the West Riding and the driving rain resulted in thousands of empty seats at kick off time, but the players were greeted by the customary wall of sound as they came onto a pitch looking perfect under the floodlights.

Warnock sent his team out well fired up and they were on the front foot from the whistle, taking the lead within four minutes.

Everton sought to bring the ball out from the back, but Naismith's badly misplaced pass allowed Austin to break up the play with a muscular challenge. White latched on to the loose ball and surged through the heart of the Everton defence. Reaching the edge of the 18-yard box, the Irishman eased the ball onto his favoured left foot and coolly curled in an exquisite strike. The ball sent the raindrops flying as it bulged the roof of the net with the goalkeeper left flat-footed.

As the interval beckoned, Pearce emerged from a clash of heads with Naismith with a nasty cut and a black eye. He played out the game with his head enveloped by a large white bandage, his cheek coated in Vaseline in classic 'They shall not pass' style. Pearce, playing the game of his life, required eight stitches at half-time to continue.

Nikica Jelavic was sent on for Naismith in the 65th minute, but the change temporarily stayed the momentum that Everton had been building. David Moyes' fears that it was not his night were amplified after 69 minutes when United made it 2-0.

The Whites were awarded a free kick when Austin was fouled on the left byline. A scratchy shot from Pugh bobbled through a crowd of players before Austin flicked out his right foot to divert it past keeper and defenders into the net. Cue more celebratory scenes as United scented victory.

With nine minutes remaining, the visitors seized a lifeline: Sylvain Distin got up above Pearce on the six-yard line to nod the ball over Ashdown and just under the bar.

It was all Everton as they pressed for a goal but United reacted manfully, putting their bodies on the line to preserve their hard-won advantage.

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There had been those that said Leeds didn't need the distraction of the game and the attendance was well below capacity at 21,164, but the third round tie made the club several hundred thousand pounds and that and the feelgood memory made the evening worthwhile and Bates very, very content.

United were inspired by another influential performance from El-Hadji Diouf, the controversial forward who had blossomed since arriving on a short-term deal in August, and Warnock could not speak highly enough of the former Liverpool and Bolton forward. He admitted that he knew next to nothing about him in real terms before signing him and admitted regret at somewhat rash historic remarks.

In January 2011, when QPR manager, Warnock accused Diouf of abusing Jamie Mackie as he lay on the pitch with a broken leg during an FA Cup clash with Blackburn. Warnock said, 'The lads were furious with El-Hadji Diouf; [Mackie] had broken his leg and he is calling him all sorts on the pitch. There was no need to put the finger up and call him a disgrace and even the Blackburn people were embarrassed. I can't abide people like that, I don't know why he wants to take on the world every week. For many years I have thought he was the gutter type - I was going to call him a sewer rat but that might be insulting to sewer rats.'

Diouf snapped back, 'Who is Warnock? He's nothing to me. He's not Alex Ferguson, he's not Arsène Wenger, he's not Sam Allardyce or an important manager. I know he doesn't like me, but it's the same for me too - I don't like him.'

When paired at Leeds, however, Warnock treated Diouf as a long lost son.

Diouf was contracted to United until January but Warnock allayed concerns that the 31-year-old's form might encourage other clubs to tempt him away.

United went on to beat another Premier League side, Southampton, in the next round in a more one-sided affair, Leeds winning 3-0.

Reality set in when Chelsea inflicted a 5-1 defeat at Elland Road in the last eight, but only after Becchio had given Leeds a lead which they retained to the break.

A month earlier United had suffered an even heavier defeat, hammered 6-1 at home by Watford in the Championship but they remained in a comfortable mid-table position.

Two days after the Everton victory, it was confirmed that GFH Capital had signed an exclusive deal to acquire Leeds City Holdings, the parent company of Leeds United.

A combined disclosure from Leeds and GFH offered precious little detail that was not already known. There was no confirmation of whether Bates was planning to sell his stake in full or whether he wanted to retain an interest and nor was there a stated timescale. GFH's statement talked of an 'acquisition' but went no further. It made a point of saying that the commercial terms of the deal were still subject to a confidentiality clause, though the club was understood to be valued at £52 million.

It was unclear whether GFH Capital were brokers for a consortium of investors or were working on behalf of Gulf Finance House itself. GFH did not reveal any real detail but went out of its way to justify the bank's involvement to the Stock Exchange, emphasising United's large fanbase and the potential rewards of promotion.

Phil Hay, after speaking to somebody with knowledge of GFH Capital's operations, tweeted that his contact saw two options: that GFH Capital either had rich backers, or planned to purchase the club with a view to quickly selling it for a profit - 'flipping' it.

The ongoing presence of Haigh and his colleagues around Elland Road left no doubt about the seriousness of their commitment. The question was whether GFH Capital was the only show in town.

Several sources claimed that alternative offers had been made for the club, but Bates scoffed at the suggestion in his programme notes, calling it 'total rubbish'.

Despite all the reassurance, it would be another three months before the deal was sealed and at the beginning of October, a prickly Bates cast fresh doubt on the matter, complaining that GFH's lawyers were making a real meal of a deal that was straightforward by anyone's standards.

Speculation grew that GFH Capital did not have the necessary cash to complete the deal. According to the parent company's accounts, it held only £3.6 million in cash, down from £804 million in 2008.

David Haigh sought to allay concerns, saying, 'The financials are the parent company's not ours. All I can say is the money is available.' He declined to offer any detail because GFH was a listed entity, but said the bank was very conservative, describing itself as 'an ethical bank'. In the Middle East it was all about sovereign wealth and government-backed firms. GFH had been affected by the financial downturn but not as badly as some.

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Haigh lauded Leeds as being in 'a fantastically unique position for all sorts of factors', with 'fantastic existing management and administration on and off the pitch'. With the right investment, GFH could build a sustainable future. The club had to get the focus back on the football and 'ensuring Premier League promotion with engaged, happy fans. We are long-term investors: there is no two- or three-year exit plan.'

On 10 October, Leeds United and GFH Capital issued a joint statement regarding the ongoing speculation, attempting to clarify the situation. Haigh dismissed much of the gossip as 'a lot of nonsense' and that the insider sources which had often been quoted had led to inaccurate and misleading reports. He stressed the importance of talking to fans and supporter groups but said that all parties had to respect the confidentiality agreements. Haigh claimed that neither he nor any other employee had been in discussion with LUST, citing as evidence a recent statement from LUST which had claimed that GFH Capital 'has only emerged as potential buyers in the last six weeks', while the bank had actually been working with the club since June.

GFH Capital extended funding to the club, to support its immediate cash flow needs, lending £2 million to Leeds City Holdings on 5 October by way of a mortgage of shares. All shares in LUFC were used as collateral, meaning that Bates could not sell LUFC until he repaid the £2 million, effectively giving GFH control of the deal.

The Companies House documentation indicated that there was the potential for even more funding to be advanced, referring to 'the sum of £2 million plus any further amount made available by' GFH Capital. A 'source close to the bidders' claimed that the total cash injection was nearer £6 million, paid in to cover running costs and player transfers.

It was clear that Bates had been for some time paving the way to support United's liquidity and lay the ground for his exit.

There was strong speculation that GFH Capital's exclusivity period would end on 15 November, but a source from the bank said, 'The deal's moved forward in GFH Capital's favour and the exclusivity agreement is almost irrelevant now. It's really gone too far for that to be an issue. We're at the stage where both sides are moving towards a final agreement.'

On 16 November it was reported that the exclusivity period had been extended, 'merely to ensure we can get past the final post without distraction'.

GFH Capital's offer was said to be for £17 million, to be paid in four instalments, with additional payments if the club reached the Premier League.

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'We have discussed a price and a structure for the club post-investment,' said a source close to the deal. 'We have been through the books, shown proof of funds, and all the necessary documentation is with Ken Bates. The money to complete the deal is in an account ready to go.'

GFH believed that Leeds was a fantastic opportunity, a club that was significantly undervalued and only required minor tweaks to make a big difference. There was phenomenal potential, not only on the business side, but also as a community enterprise. One of the things the firm had done from day one was set out to reintegrate the community. Haigh said that 'People in Leeds felt like the club wasn't theirs any more, so we started a campaign of giving the club back to them. We did little things like ensuring social media was up and running. When we took over the club, they didn't even have things like Twitter and Facebook accounts.'

Haigh felt that every kid in town should be wearing a Leeds shirt, but in the city centre he had counted more shirts of other clubs than Leeds shirts. 'There's a lost generation of Leeds United fans, so we had to change that.'

Finally, on 21 November, the United website confirmed the long-awaited news that contracts had been signed, sealed, and exchanged. There would be a one-month transitional period to allow for full change in ownership and, following Football League approval, GFH Capital Limited would become 100% shareholders.

The joint statement confirmed that GFH Capital Limited had financially supported the club since the start of the exclusivity period and would make further funds available for working capital and transfers. It also indicated that Haigh would join the club board with immediate effect with Al Rayes and Patel to follow in December.

While bemoaning the length of time the deal had taken to finalise, Bates commented that the delay had given GFH the opportunity to see the strengths and weaknesses and that there would be a smoother transition than seen at a lot of clubs.

'A brief but important transitional period now begins in terms of the changeover of ownership', declared Haigh, in hushed, state of the nation style. He confirmed that GFH had that day injected further funds into the club and 'Let's now march on together, taking the club back to the Premier League as soon as possible.'

But there was a sting in the tale that caused some raised eyebrows. Bates was to remain as chairman for a transition period until the end of the season after which he would become club president.

Leeds supporters were relieved to see the deal completed but enraged by the revelation of Bates' ongoing involvement.

GFH Capital had wanted a clean break but they relented to Bates' insistence on a continuing presence. A source in the bank admitted that the compromise over Bates' position was 'fundamental' to ensuring that its takeover went through. There were other investment options available to Bates and he had clearly played hard ball.

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Gary Cooper echoed the concerns. 'Why the continued involvement with Ken Bates? We're not questioning the transitional period at all, that makes absolute sense. But my members are already asking me, why does the club need or want Ken Bates as president. His tenure at the club has not been one of success. He's like Marmite, you either love him or loathe him and he's proved very divisive at this club. He's done his best to discredit supporters' groups, he's called fans morons and dissidents, and he's sold all our best players. He's a hell of a character, but he's done nothing to endear himself to the supporters of Leeds United. GFH Capital now have the unenviable task of rebuilding the club's relationship with the fans when appearing to be hand-in-hand with Ken Bates.'

Warnock used the additional funds made available to bring in Swansea centre-back Alan Tate and West Brom wide man Jerome Thomas before the emergency loan window closed on 22 November. It was expected that the deals would be made permanent when the transfer window opened in January.

Both players featured when United ended the 14-game unbeaten run of Championship leaders Crystal Palace on 24 November, Leeds' first victory since 6 October, which saw them climb to sixteenth, eight points clear of the drop zone. Haigh and Patel were on hand to witness a promising start to a new era.

When United won four of the following five games, they suddenly found themselves eighth, two points off a Play-Off spot and just nine away from the automatic promotion places.

On 10 December, the Football League approved the appointment of Al Rayes and Patel to join Haigh as directors of Leeds. Haigh was added to the board on 20 November and the other two would become directors before the end of the month after passing the League's Owners and Directors Test.

The League was analysing the fine details of the takeover and completion of the buyout was dependent on the body's full approval, though this was a formality expected to be completed prior to the agreed date of the transaction.

There were some concerns when a scheduled payment date was missed, but the club was confident that the £52 million sale would be finalised as planned. They had been reassured that the money was in GFH Capital's lawyer's client account and Bahrain banking regulations meant the payment schedule had to be altered.

It was almost an anti-climax when the takeover was formally confirmed as expected at 20:40 GMT on Thursday, 20 December, seven months after the TOMA story began.

Part 2 Brave new dawn - Results, table and transfers