Leeds sell stake to bank

Leeds' owners, GFH Capital, have sold a 10 per cent stake in the club to Bahrain-based International Investment Bank.

Last Updated: 28/03/13 at 10:05 Post Comment

Leeds United: Stake sold to Bahrain-based International Investment Bank

Leeds United: Stake sold to Bahrain-based International Investment Bank

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

There had been uncertainty over GFH Capital's intentions for the Elland Road outfit, with some suggestions that they were looking to offload completely.

However, it appears that is not the case.

Instead, GFH is recruiting "strategic investors" to strengthen the club's financial position, which it believes is necessary if Leeds are to regain their former status as a Premier League heavyweight.

IIB's chief executive, Aabed Al-Zeera, will join the Board of Leeds City Holdings Limited.

David Haigh, deputy chief executive of GFH Capital, said: "The introduction of IIB is in keeping with what have always been GFH Capital's aims for the successful, sustainable and long term ownership of Leeds United FC.

"We believe that a consortium of like-minded investors provides the best ownership model for a club which belongs among the elite of English football clubs and global sporting brands.

"It is our aim to provide the finance and the stability to enable the club to complete that journey as soon as possible."

GFH expects other investors to join, providing Leeds with "sound long-term finance", said the club.

International Investment Bank B.S.C was launched as an Islamic Investment Bank in October 2003.

On its website, IIB states the "core business activities of the Bank include investing on its own account and investment, underwriting and placement in real estate and private equity in conformity with Islamic Shari'ah".

Al-Zeera said: "We are delighted to become investors in Leeds United and would like to thank GFH Capital for facilitating this for us."

Whilst fans may wonder at the wisdom of investment from yet another Bahrain-based organisation, GFH insists it is the only way Leeds can recover their former status, having been relegated from the Premier League in 2004.

Since then, the West Yorkshire outfit have been mired in financial woe, even dropping into League One in 2007.

Although they were able to clamber out of English football's third tier, it has proved impossible to reach the Premier League.

GFH Capital took control of the club from Ken Bates last December and claims to have already invested £10million in the Elland Road outfit, beyond the sum it took to acquire ordinary shares in the first place.

Amongst the benefits of GFH's ownership, fans have already seen a reduction in match ticket prices, the introduction of half season tickets and a reduction cost of season tickets for 2013-14.

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

Related News

Most Commented

Readers' Comments

H

ilarious, thanks for that. But if I may, I do suspect the reason of your partners' ire is not Tottenham, but most probably all the compusilve gambling :)

DannySmith
Backing Costa To Keep Banging 'Em In

T

wo police horses in a paddock. Horse 1: What's with the long face? Horse 2: I'm working St James Park this weekend.

hump3.
Pardew - It's mass hysteria

T

wo things. First, I can't stop reading your name as 'Dane Bowers'. Second, you used the words 'philosophy' and 'Redknapp' in the same sentence.

ajsr1982
Can United's Defence Handle Ulloa?

Footer 365

Premier League: Man City manager Manuel Pellegrini not concerned by Yaya Toure's form

Manchester City manager Manuel Pellegrini has no concerns over the form or commitment of midfielder Yaya Toure.

Transfer news: Chelsea's Jose Mourinho plays down Cristiano Ronaldo transfer talk

Chelsea boss Jose Mourinho has played down speculation about signing Cristiano Ronaldo.

Dundee boss Paul Hartley anticipates a good derby with United

Dundee boss Paul Hartley maintains his players have no fears as they prepare for the derby match with Dundee United.

Mail Box

Be Careful What You Wish For, Gooners

That's the message from a Man United fan in the mailbox. Plus, thoughts on Paul Lambert's new contract, the Alan Pardew dilemma at Newcastle and lots more...

No, Wenger IS To Blame For Failure...

The backlash to the backlash to the backlash sees Arsene Wenger getting a good kicking while we also have mails on Chelsea, Newcastle, Everton and lots more...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property