Confusion at Elland Road

Leeds owners GFH Capital have insist they are actively seeking investment but do not want to sell the club.

Last Updated: 20/03/13 at 17:08 Post Comment

GFH Capital: Seeking investment

GFH Capital: Seeking investment

Leeds owners GFH Capital have added to the growing confusion at Elland Road by insisting they are actively seeking investment but do not want to sell the club.

The Dubai-based equity investment firm, who bought the club in December following a protracted takeover from previous owner Ken Bates, said in their financial statements for the year ending December 31 2012 - which came to light on Tuesday - that they were negotiating to sell their stake in the club's parent company LUFC Holdings for £7million more than they paid.

But in a club statement released on Wednesday afternoon the owners said they were looking to attract investors and did not want to end their involvement at Elland Road.

It read: "In March 2013, Gulf Finance House (GFH), parent company of Leeds United FC owner GFH Capital, published its financial audited report that stated it was looking to sell its stake in the club.

"To clarify and as previously stated, GFH Capital is looking for investment in part of its share in the club, not its entirety.

"GFH Capital has been transparent since acquiring Leeds United and is continuing to look for strategic investors in part of the club that can invest in Leeds United, alongside GFH Capital, to ensure a long-term, sustainable future.

"Since GFH Capital took ownership of Leeds United, it has fulfilled its promise of investing in the club, with around £10million having already been injected into the club; to strengthen the squad and for other working capital purposes.

"Additional financial support will continue to be provided as required.

"Through cutting ticket prices, reducing 2013/14 season-ticket costs and the introduction of half-season tickets, attendances have risen at Elland Road as GFH Capital continues with its goal of re-engaging existing fans and attracting new supporters to the club, plus the recent International Soccer Schools and 'Take it to the Kids' initiatives.

"To date, GFH Capital has fulfilled the plans pledged and its strategy for the club remains the same; to build a group of strategic investors to put Leeds United in the best position both on and off pitch for the long term."

But in their latest financial statements Gulf Finance House, GFH Capital's parent company, had clearly stated they were looking to sell its interest in the club.

GFH's financial statements for the year ending December 31 2012 said: "Subsequent to the year end, (GFH) has commenced negotiations relating to the sale of its stake in LUFC Holdings."

GFH also said in their financial statements that they bought the club off Bates for a "bargain due to pressure on the sellers to exit their holdings due to change in their business plans."

Last month GFH Capital confirmed they had turned down a bid by an undisclosed party to buy a controlling stake in the club.

It had been reported that an unnamed Yorkshire-based consortium had made an offer for a 51 per cent share with a view to securing a phased buy-out.

Former Leeds director and current owner of Super League side Hull FC Adam Pearson later distanced himself from speculation linking him with a takeover of the npower Championship side.

Today's news brings more instability to the club, whose play-off hopes are hanging by a thread.

Leeds are seven points adrift of the top six with eight games to play, while manager Neil Warnock has indicated he will leave in the summer if the club are not promoted.


Click here for completely free £10 bet with Sky Bet & £5 free every week


Related News

Most Commented

Readers' Comments

H

ang on there!! We've only just won the second in a row. Don't we have to win three, like Brazil, to get to keep the Cup permanently at our stadium? ;-)

gutbukkit
Emirates to sponsor FA Cup

T

ypical Bodgers, in desperate need of a defensive midfielder and go for a floaty number 10 type midfielder. BODGERS OUT.

uncle monty
The Home Gossip

B

enteke is an absolute steal for £32.5m, he would get into any team in the world (except Barcelona) at the moment. I've seen many very good strikers in my 30+ years as a Villa fan. This guy is the best without question.

sparkigol
Benteke's £32.5m release clause

Footer 365

PSG win French Cup to seal the domestic quadruple

Paris Saint-Germain achieved a unique domestic quadruple when they beat Ligue 2 side AJ Auxerre 1-0 in the French Cup final.

Athletic Bilbao 1-3 Barcelona: Lionel Messi double hands Barca Copa del Rey triumph

Lionel Messi scored twice as Barcelona moved a step closer to the treble with a 3-1 win over Athletic Bilbao in the Copa del Rey final.

Theo Walcott says Arsenal's squad is strong enough to mount a Premier League title bid next term

Theo Walcott thinks the current Arsenal squad is the strongest he has been involved with.

Mail Box

Players Must Stand Up For Qatar Boycott

Players, not bureaucrats, hold the key to boycotting Qatar. Also in the afternoon mailbox: Wenger is right to rotate, Zlatan can dribble, and it's Barca v Ajax in the budget final...

What Would You Do If You Were Blatter?

Step into Sepp's shoes, is the invitation from one mailboxer. Also: United already have their new number one, Rodgers deserves time, and the best Budget XI so far...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company