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

S

hould have stayed because we carried him for 6.5 years. And then he has a breakthrough season, and was gone soon after. MU fans, you would be as disgusted had C Ronaldo left in 2007 and not 2009.

godof86
Is Van Persie Slipping Sadly Into The Night?

G

ood grief. Someone guessed that the form English player at the moment might be in his national side with some other players? And that's espionage? Now if they discovered that Emile Heskey was going to be in the starting line up.... at right back.... THAT would be espionage. Give it a rest Roy.

RogerRedHat
Hodgson hits out at Kane leak

H

e may get away with if Liverpool can swap the video with one of Skrtel dancing or something, but if they review the one shown on TV he's screwed.

hump3.
Skrtel denies violent conduct

Footer 365

Tottenham striker Harry Kane to make first England start in Italy

Harry Kane will make his first start for England in Tuesday night's friendly in Italy, Roy Hodgson has confirmed.

Southampton striker Graziano Pelle starts for Italy against England in Turin

Southampton striker Graziano Pelle has been handed a start for Italy in their friendly against England in Turin.

No Team GB football teams for 2016 Brazil Olympics

The FA has formally withdrawn its proposal to enter a Team GB Men’s and Women’s side at the 2016 Olympics.

Mail Box

Can Wenger Coach Young Players Anymore?

One Mailboxer wonders whether Wenger has still got ability to bring through young talent. Plus £50m for Sterling, stop being matey with footballers and Blackpool...

Forget About Flair And Play Like Greece

'Forget about flair and play like Greece' is one outsider's advice to the England national side, while an Arsenal fan wants to sell Theo Walcott to get Marco Reus.

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