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

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.

Related News

Sky Bet

    • Retrieving latest Sky Bet odds

Most Commented

Readers' Comments

I

may well get slated by other United fans for this, but out of the three contenders, I'd far prefer Liverpool to win the title. Yes some elements of their fanbase can be a bit OTT, yes they're our biggest rivals and yes it will make our poor season feel even more like the end of an era (Fergie's gone, Liverpool are back on top). However I just have to applaud Brendan Rodgers and the way he's turned Liverpool around in just a couple of seasons. It...

Mike_Christie
Please Stop Telling Us What To Think

H

ooray! We are all excited now, we beat a very mediocre team! With all due respect to WHU supporters, not winning that game shouldn't even be a consideration. This is the problem, there is no winning mentality at the Emirates - we're all congratulating ourselves beating a team that we have a winning record against.

TheWhiz
Wenger hails important win

I

s this meant to be an aspiration for United supporters? Moyes mediocrity strikes again. I see the Bayern boys don't want to sign for him, and his reputation amongst the senior European coaches make other key signings unlikely.

redbornandbred
De Gea's Europa League target

Footer 365

Transfer news: Southampton boss Mauricio Pochettino warns off Luke Shaw suitors

Mauricio Pochettino says in-demand defender Luke Shaw will be staying at Southampton.

Premier League: Liverpool manager Brendan Rodgers targets win at Norwich

Liverpool manager Brendan Rodgers believes Sunderland's draw with Manchester City is a "warning sign" for his side.

Transfer news: Schalke's Julian Draxler set to stay put, insists chairman

Clemens Tonnies says it would take "something extraordinary" for Julian Draxler to leave Schalke this summer.

Mail Box

Mignolet Is The Reason For Liverpool Flying

Mignolet's bad kicking is the reason for Liverpool's success, whilst one man keep notes on F365 mails. Plus England excitement, Arteta and a bad Walsall experience...

City: Bottle Jobs, A Laughing Stock...

There are some harsh words for Manchester City and Manuel Pellegrini in the Mailbox this morning, as well as some rather nicer ones for Tony Pulis and his magic hat...

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