Gulf Finance House to sell 75pc in Leeds Utd, retain 10pc stake

January 20, 2014 - 9:34:37 am

MANAMA: Bahrain-based investment firm Gulf Finance House (GFH) said on Monday it was offloading 75 percent of English soccer club Leeds United to a consortium of British investors and would retain a 10 percent stake following the sale.

GFH, which bought the second-tier club in 2012, said last week that it had agreed a partial stake sale to British investors, without disclosing the size of the divestment or its value. 

In a filing to the Dubai bourse on Monday, GFH said an agreement had been struck with the consortium on Nov. 30 but the English Football Association had yet to grant approval for the takeover. 

The sale, it said, would have a positive impact on financials.

Leeds managing director David Haigh and Andrew Flowers, managing director of club sponsor Enterprise Insurance, are part of the group buying the stake.

In addition to GFH, Bahrain-based International Investment Bank and Leeds chairman Salah Nooruddin's Envest company all own more than 10 percent of Leeds, according to the club website.

Leeds won the English league title in 1992 and remain one of the best-supported clubs outside of the Premier League. (Reuters)