David Haigh will remain imprisoned for a few more days while Dubai prosecutors decide whether to appeal the court's decision, lawyer Michel Chalhoub said.
Chalhoub said he was hopeful Haigh, who has been imprisoned on fraud charges since May 2014, would be freed soon, though the ongoing financial case between him and Dubai-based GFH Capital will go on.
"Of course, he will be in good spirits as that's the end of the tunnel," the lawyer said.
A spokeswoman for Bahrain-based GFH Financial Group, whose wholly-owned Dubai subsidiary still has a 25-per cent stake in the second-tier football club, did not immediately return a call for comment. Haigh had been a deputy chief executive at GFH Capital.
The decision is the latest in the long legal tangle between Haigh and GFH, with both accusing the other side of financial mismanagement. Haigh was convicted of fraud in August 2015, over a year after his arrest.
Haigh has maintained his innocence.
Leeds won the English top-flight title in 1992 and reached the Champions League semifinals in 2001 before falling into financial difficulties. Italian Massimo Cellino owns a 75-per cent stake in the club.
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