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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.

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Readers' Comments

I

worry about these types of conclusions on a teams brilliance when it was very clear that Argentina had 4 chances where they really should have scored and on chances alone then it would have been the more pragmatic Argentinians who would be the best in the world. I like the Germany team but this just shows that even with planning it relies on a great deal of luck and finding your opponents at just the right time.

dryice
Reward At Last For Years Of Careful Planning

W

e all know the British public don't have the patience to plan for 14 years. No chance. As soon as our young players don't win the world cup they get harrassed and abused to the point of mental breakdown. No, England likes to react to failure by sacking the manager and tearing up their best laid plans in favour of something shiny and new to keep the knee jerkers happy.

HarryBoulton
Reward At Last For Years Of Careful Planning

G

lad Messi was player of the tournament, there was no-one more deserving. Except Robben. And James Rodriguez. Or Muller and half the Germany team etc etc

sailingmagpie
Golden Ball award for Messi

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