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.

TEAMtalk Facebook Fan Page

The TEAMtalk fan page is a great place to meet like minded people, have football related discussions and make new friends.

Related News

Most Commented

Readers' Comments

C

lassic management. Build them up and then knock them back. Raise expectations and then dampen them. Create a dynamic where by you demand the most from your team, but where the team are given room to manoeuvre unexpected or unwanted results. Classy work by Van Gaal, he really reminds me a lot of me. A smart cookie, make no doubt.

hump3.
Van Gaal: 'I struggle for first three months'

H

e will be the England left back for ten years or more, and then you will have to thank MUFC for that. *smiles*

london saint
Shaw: Criticism spot on

P

urely because of that little diva moment he had last night, I don't want him coming to my club. DESTROYED ? Grow up and give something back to the club that helped put you up there on the world stage.

bale doubt
Saints' Schneiderlin stalemate

Footer 365

Women's football: Dunia Susi and Rachel Brown-Finnis out of England's game with Sweden

England Women’s boss Mark Sampson has been hit by two withdrawals from his squad ahead of Sunday's game against Sweden

Transfer news: Jose Mourinho criticises Lukaku's mentality at Chelsea

Chelsea boss Jose Mourinho says Romelu Lukaku's attitude was the reason he let the striker move to Everton.

Indian Super League: Ex-Juventus and Monaco striker David Trezeguet joins FC Pune City

World Cup winner David Trezeguet has been unveiled as the latest Indian Super League signing, joining FC Pune City.

Mail Box

Divock Origi Is Like Connor Sammon (Sort Of)

One Mailboxer inserts his tongue into cheek to offer his thoughts on Liverpool's newest signing. Plus thoughts on league-owned clubs, badges, and swearing...

Mails Come From A Land Down Under

We have an example of league-owned clubs from Australia while Kiwi boys want more respect for refs. Plus, Van Gaal won't stick with 3-5-2 and worried if Koeman will cut it...

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