YEP 21/5/13
Salah Nooruddin has already attended a meeting with chief executive Shaun Harvey and Leeds City Council.
by Leon Wobschall
Bahraini-based businessman Salah Nooruddin has been named as Leeds United’s new vice-chairman with immediate effect.
United have also confirmed that Nooruddin, once a prominent employee at Bahrain’s International Investment Bank (IIB) – who purchased 10 per cent of club owner GFH Capital’s 100 per cent stake of the club in March – is the holder of 3.33 per cent in LUFC Holding Limited.
Last week, Dubai-based GFH Capital told the YEP that several directors at Elland Road had been handed equity in the club after accounts of its parent company, Gulf Finance House, showed that GFH Capital’s stake had fallen to 86.67 per cent.
The report stated that GFH had sold a 13.33 per cent stake in United during the first three months of 2013, 3.33 per cent more than it relinquished to IIB in March, with it having now been revealed that Nooruddin has acquired the additional equity.
GFH Capital had declined to comment on whether Nooruddin owned any shares last week, stating that the details were confidential. But they have now clarified the position.
Nooruddin – who has interests in real estate – joined the club’s board on April 26, taking on what GFH Capital described as a responsibility for “bringing new investors on board as part of GFH Capital’s strategy of building a successful and sustainable future for the club.”
On his appointment as vice-chairman, Nooruddin said: “I am delighted to accept the position as vice-chairman of Leeds United and look forward to working with the club’s staff, so as to achieve the best possible results both on and off the field.”
Hisham Al-Rayes, managing director of GFH Capital added: “Salah comes with 25 years experience in the investment business in various regions including the UK.
“He will be working closely with the club’s executives to achieve our visions and goals. He will be in regular communication with the club to achieve this.
“We have also had a constructive meeting with Leeds City Council that Salah attended, along with Shaun Harvey to discuss how we can work together in the future to our mutual benefit.”
Upon taking the reins at Elland Road, GFH Capital revealed that it’s plan of ownership involved selling parts of its stake to “co-investors” and establishing a consortium of shareholders.
Gulf Finance House’s latest financial accounts, covering the first quarter of 2013, reiterated the prospect of the company relinquishing more shares, stating: “The group has an active plan to sell its controlling stake in LUFC Holdings Limited to co-investors.”
Meanwhile, the Championship make-up for 2013-14 is almost complete with Yeovil Town having accompanied Doncaster Rovers and Bournemouth to the second-tier, meaning another lengthy trek for United supporters.
United visited Huish Park three times before during their tenure in League One, their last game at the Somerset venue being in April 2010.
United’s match at Bournemouth’s Dean Court ground next season will be their first trek to there since November 2007, while you have to go back to January 2006 for the last time the Elland Road club visited the JJB Stadium, when they faced Wigan Athletic – newly relegated to the Championship – in a third-round FA Cup tie.
Tuesday, May 21, 2013
Club Statement: Vice Chairman Appointed
leedsunited.com 20/5/13
Salah Nooruddin takes up post...
Leeds United Football Club Limited are pleased to announce that Mr Salah Nooruddin has been appointed as Vice Chairman with immediate effect and can also confirm that he is the holder of 3.33% of shares in LUFC Holding Limited.
Salah Nooruddin said: "I am delighted to accept the position as vice-chairman of Leeds United and look forward to working with the club's staff so as to achieve the best possible results both on and off the field."
Hisham Al-Rayes, Managing Director of GFH Capital said: "Salah comes with 25 years experience in the investment business in various regions including the UK. He will be working closely with the club's executives to achieve our visions and goals. He will be in regular communication with the club to achieve this.
"We have also had a constructive meeting with Leeds City Council that Salah attended along with Shaun Harvey to discuss how we can work together in the future to our mutual benefit."
Salah Nooruddin takes up post...
Leeds United Football Club Limited are pleased to announce that Mr Salah Nooruddin has been appointed as Vice Chairman with immediate effect and can also confirm that he is the holder of 3.33% of shares in LUFC Holding Limited.
Salah Nooruddin said: "I am delighted to accept the position as vice-chairman of Leeds United and look forward to working with the club's staff so as to achieve the best possible results both on and off the field."
Hisham Al-Rayes, Managing Director of GFH Capital said: "Salah comes with 25 years experience in the investment business in various regions including the UK. He will be working closely with the club's executives to achieve our visions and goals. He will be in regular communication with the club to achieve this.
"We have also had a constructive meeting with Leeds City Council that Salah attended along with Shaun Harvey to discuss how we can work together in the future to our mutual benefit."
Boss McDermott’s positive about his pre-season plans
YEP 20/5/13
There are some for whom the football season never truly ends. In a summer when Brian McDermott admitted that Leeds United “need a break”, as many as five of his squad will engage in international duty in countries across the world.
McDermott watched with satisfaction last week as Tom Lees and Sam Byram were selected by England for tournaments abroad, and he knew before the domestic season finished that Rodolph Austin – a player who more than any other might have benefitted from prolonged downtime – would appear as many as three times for Jamaica in the first two weeks of June.
FIFA’s latest round of World Cup qualifiers are arranged for the start of next month and Ross McCormack, the Leeds striker, is expected to be part of the Scotland contingent who fly to Zagreb to face Croatia on June 7. Midfielder Paul Green is also preparing for four Republic of Ireland matches after earning a place in Eire’s provisional squad.
Byram’s selection for the Under-20 World Cup in Turkey is also provisional but he is highly likely to make the final cut when England youth coach Peter Taylor disappoints 14 of the 35 players he chose on Friday. Byram and Lees, who is due to take part in the European Under-21 Championship in Israel, will be out of the country for a matter of weeks while McDermott readies himself for the first day of pre-season training.
United’s manager has set June 27, a date which falls five weeks on Thursday, for the start of training at Thorp Arch but he will give careful thought to the handling of the players tied up by international football.
All five of those concerned are part of his plans for the 2013-14 season, though Austin will start the new campaign with a two-match ban following his dismissal against Brighton last month.
McDermott said: “We’re proud for all of the players who’ve been selected, they’ll be proud to represent their countries, and it’s good for the club to have the players recognised. We’ll make sure all our internationals have the right amount of rest when they return.”
The new Championship season will kick off earlier than usual, beginning on August 3, and the Football League is planning to announce its fixture list on Wednesday, June 19.
McDermott has completed a short holiday taken after the final weekend of the 2012-13 term and is looking to make inroads into the list of transfer targets he left behind with the board at Elland Road.
United’s boss has not spoken in detail about the scale of his plans to alter his squad, saying only that he has presented chief executive Shaun Harvey and technical director Gwyn Williams with the names of “six or seven” players who he hoped to speak to.
McDermott’s work this summer, like that of his predecessor Neil Warnock, depends heavily on United’s ability to fund his first-team vision.
The fortnight since the end of the season has seen more speculation about the club’s owner, GFH Capital, than it has about potential signings, with intriguing revelations arising from the accounts of GFH Capital’s parent company, Gulf Finance House. Gulf Finance House’s financial results for the first three months of 2013 showed an overall profit of around £1million and stated that GFH Capital’s stake in the club – previously a 100 per cent shareholding – had dropped to 86.67 per cent.
GFH Capital has since confirmed that, on top of a 10 per cent share sold to Bahrain’s International Investment Bank in March, a further 3.33 per cent had been passed to unnamed directors on United’s six-man board. It insisted that Ken Bates – the man who sold Leeds in December – was not a recipient.
GFH Capital has fought against scepticism about its financial clout and suitability as owner by reducing season-ticket prices for next season – reductions which have led to sales of more than 11,000 – and naming McDermott as manager after sacking Warnock on April 1.
The Dubai-based private equity firm will see its support of McDermott in the transfer market closely monitored following the 52-year-old’s insistence that “recruitment is very important for us” this summer.
McDermott met with United directors Hisham Alrayes and Salah Nooruddin last week to discuss his plans and said: “We spoke about a number of things to progress the club, including player acquisitions, philosophies and upgrading the training ground. “They were very, very supportive.
“I have to say, it was very positive and very encouraging.”
There are some for whom the football season never truly ends. In a summer when Brian McDermott admitted that Leeds United “need a break”, as many as five of his squad will engage in international duty in countries across the world.
McDermott watched with satisfaction last week as Tom Lees and Sam Byram were selected by England for tournaments abroad, and he knew before the domestic season finished that Rodolph Austin – a player who more than any other might have benefitted from prolonged downtime – would appear as many as three times for Jamaica in the first two weeks of June.
FIFA’s latest round of World Cup qualifiers are arranged for the start of next month and Ross McCormack, the Leeds striker, is expected to be part of the Scotland contingent who fly to Zagreb to face Croatia on June 7. Midfielder Paul Green is also preparing for four Republic of Ireland matches after earning a place in Eire’s provisional squad.
Byram’s selection for the Under-20 World Cup in Turkey is also provisional but he is highly likely to make the final cut when England youth coach Peter Taylor disappoints 14 of the 35 players he chose on Friday. Byram and Lees, who is due to take part in the European Under-21 Championship in Israel, will be out of the country for a matter of weeks while McDermott readies himself for the first day of pre-season training.
United’s manager has set June 27, a date which falls five weeks on Thursday, for the start of training at Thorp Arch but he will give careful thought to the handling of the players tied up by international football.
All five of those concerned are part of his plans for the 2013-14 season, though Austin will start the new campaign with a two-match ban following his dismissal against Brighton last month.
McDermott said: “We’re proud for all of the players who’ve been selected, they’ll be proud to represent their countries, and it’s good for the club to have the players recognised. We’ll make sure all our internationals have the right amount of rest when they return.”
The new Championship season will kick off earlier than usual, beginning on August 3, and the Football League is planning to announce its fixture list on Wednesday, June 19.
McDermott has completed a short holiday taken after the final weekend of the 2012-13 term and is looking to make inroads into the list of transfer targets he left behind with the board at Elland Road.
United’s boss has not spoken in detail about the scale of his plans to alter his squad, saying only that he has presented chief executive Shaun Harvey and technical director Gwyn Williams with the names of “six or seven” players who he hoped to speak to.
McDermott’s work this summer, like that of his predecessor Neil Warnock, depends heavily on United’s ability to fund his first-team vision.
The fortnight since the end of the season has seen more speculation about the club’s owner, GFH Capital, than it has about potential signings, with intriguing revelations arising from the accounts of GFH Capital’s parent company, Gulf Finance House. Gulf Finance House’s financial results for the first three months of 2013 showed an overall profit of around £1million and stated that GFH Capital’s stake in the club – previously a 100 per cent shareholding – had dropped to 86.67 per cent.
GFH Capital has since confirmed that, on top of a 10 per cent share sold to Bahrain’s International Investment Bank in March, a further 3.33 per cent had been passed to unnamed directors on United’s six-man board. It insisted that Ken Bates – the man who sold Leeds in December – was not a recipient.
GFH Capital has fought against scepticism about its financial clout and suitability as owner by reducing season-ticket prices for next season – reductions which have led to sales of more than 11,000 – and naming McDermott as manager after sacking Warnock on April 1.
The Dubai-based private equity firm will see its support of McDermott in the transfer market closely monitored following the 52-year-old’s insistence that “recruitment is very important for us” this summer.
McDermott met with United directors Hisham Alrayes and Salah Nooruddin last week to discuss his plans and said: “We spoke about a number of things to progress the club, including player acquisitions, philosophies and upgrading the training ground. “They were very, very supportive.
“I have to say, it was very positive and very encouraging.”
Leeds United nostalgia: Hackworth had a baptism of fire in Nou Camp
YEP 20/5/13
It is chapter one or thereabouts in the book of debuts from hell; Tony Hackworth’s first appearance for Leeds United.
His 16-minute outing at the Nou Camp in September 2000 was much like his career at Elland Road – fraught, forgettable and unlucky. Leeds lost 4-0 to Barcelona in a harsh Champions League introduction and Hackworth chased shadows as a crowd of 85,000 lapped up United’s drubbing.
Before long, Hackworth would disappear quietly on the back of his involvement in the criminal trial of Jonathan Woodgate and Lee Bowyer. In the year of his United debut, the Durham-born forward was charged with assault and affray after a late-night attack on a student in Leeds but was rapidly cleared of both offences.
Speaking at the time, his solicitor John Perry said: “Over the past 12 months he has shouldered this burden with great poise and dignity. It has been an immense burden for him and he has shouldered it well. I hope now he can get on with his life.”
Hackworth made few waves as a first-team professional at Elland Road but he broke into the senior squad on the strength of youth-team performances which marked him out as a player with pedigree and a striker with bundles of goals in him.
An England youth international, Hackworth was part of the FA Youth Cup-winning squad of 1997, denied an appearance in the final by an untimely ankle injury. United beat Crystal Palace in his absence but Hackworth was expected to progress alongside many of his peers – Woodgate, Paul Robinson, Harry Kewell and Alan Smith. Serious cruciate ligament damage held him back again as others from the Academy began to find favour under David O’Leary.
Hackworth’s debut against Barcelona at least suggested that United’s manager had not forgotten him. He was involved in the pre-season programme leading up to the 2000-01 term and was seen by others in United’s side as a threat to their places. Michael Bridges said: “There’s me, Alan Smith, Darren Huckerby and Tony Hackworth in the frame now, along with Mark Viduka. There’s competition for places and it’ll be a big bonus for us.”
The competition for Hackworth, who celebrated his 33rd birthday yesterday, proved too fierce and he was used only twice more by O’Leary, most memorably in a League Cup defeat at Tranmere Rovers when O’Leary fielded him as a replacement before substituting him in extra-time. A useful 26-minute shift at home to Lazio in the Champions League was his last outing.
Leeds sold Hackworth to Notts County for £120,000 in the summer of 2001 and he joined the now-defunct Scarborough FC three years later.
He is presently on the books of Scarborough Athletic, the club built from Scarborough FC’s ashes, and won their player of the year award at the end of his first season. The club were promoted from the Northern Counties East League Premier Division last month.
It is chapter one or thereabouts in the book of debuts from hell; Tony Hackworth’s first appearance for Leeds United.
His 16-minute outing at the Nou Camp in September 2000 was much like his career at Elland Road – fraught, forgettable and unlucky. Leeds lost 4-0 to Barcelona in a harsh Champions League introduction and Hackworth chased shadows as a crowd of 85,000 lapped up United’s drubbing.
Before long, Hackworth would disappear quietly on the back of his involvement in the criminal trial of Jonathan Woodgate and Lee Bowyer. In the year of his United debut, the Durham-born forward was charged with assault and affray after a late-night attack on a student in Leeds but was rapidly cleared of both offences.
Speaking at the time, his solicitor John Perry said: “Over the past 12 months he has shouldered this burden with great poise and dignity. It has been an immense burden for him and he has shouldered it well. I hope now he can get on with his life.”
Hackworth made few waves as a first-team professional at Elland Road but he broke into the senior squad on the strength of youth-team performances which marked him out as a player with pedigree and a striker with bundles of goals in him.
An England youth international, Hackworth was part of the FA Youth Cup-winning squad of 1997, denied an appearance in the final by an untimely ankle injury. United beat Crystal Palace in his absence but Hackworth was expected to progress alongside many of his peers – Woodgate, Paul Robinson, Harry Kewell and Alan Smith. Serious cruciate ligament damage held him back again as others from the Academy began to find favour under David O’Leary.
Hackworth’s debut against Barcelona at least suggested that United’s manager had not forgotten him. He was involved in the pre-season programme leading up to the 2000-01 term and was seen by others in United’s side as a threat to their places. Michael Bridges said: “There’s me, Alan Smith, Darren Huckerby and Tony Hackworth in the frame now, along with Mark Viduka. There’s competition for places and it’ll be a big bonus for us.”
The competition for Hackworth, who celebrated his 33rd birthday yesterday, proved too fierce and he was used only twice more by O’Leary, most memorably in a League Cup defeat at Tranmere Rovers when O’Leary fielded him as a replacement before substituting him in extra-time. A useful 26-minute shift at home to Lazio in the Champions League was his last outing.
Leeds sold Hackworth to Notts County for £120,000 in the summer of 2001 and he joined the now-defunct Scarborough FC three years later.
He is presently on the books of Scarborough Athletic, the club built from Scarborough FC’s ashes, and won their player of the year award at the end of his first season. The club were promoted from the Northern Counties East League Premier Division last month.
Saturday, May 18, 2013
Leeds United Woo Striker Jean-Bryan Boukaka
Inside Futbol 18/5/13
Leeds United are wooing Tours striker Jean-Bryan Boukaka as they look to begin reinforcing their squad for the 2013/14 campaign.
New Leeds boss Brian McDermott is on the lookout for more firepower and Boukaka has come to the ex-Reading manager’s attention.
According to Mercato365, the Yorkshire giants are plotting snapping up the 21-year-old for a period of three years.
Boukaka spent the second half of this season on loan at Boulogne. This season he has made nine appearances in Ligue 2, providing two assists.
Leeds United are wooing Tours striker Jean-Bryan Boukaka as they look to begin reinforcing their squad for the 2013/14 campaign.
New Leeds boss Brian McDermott is on the lookout for more firepower and Boukaka has come to the ex-Reading manager’s attention.
According to Mercato365, the Yorkshire giants are plotting snapping up the 21-year-old for a period of three years.
Boukaka spent the second half of this season on loan at Boulogne. This season he has made nine appearances in Ligue 2, providing two assists.
Boss encouraged by owner support
leedsunited.com 17/5/13
Brian McDermott hails positive meetings with board members...
Representatives of GFH Capital met with manager Brian McDermott this week to discuss the club's plans for the future.
Managing Director of GFH Capital, Hisham Al-Rayes, along with fellow Leeds United board member Salah Nooruddin met with the United manager at both Elland Road and Thorp Arch.
"We've had a good meeting over two days," said the boss.
"We got on really well and spoke about a number of things to progress the club, including player acquisitions, philosophies, how I see things, and upgrading the training ground.
"We discussed an open working relationship and the importance of everyone pulling in the same direction, and they were very, very supportive.
"I have to say, it was very positive and very encouraging."
The owners also met a number of staff members during their visit to Leeds.
Brian McDermott hails positive meetings with board members...
Representatives of GFH Capital met with manager Brian McDermott this week to discuss the club's plans for the future.
Managing Director of GFH Capital, Hisham Al-Rayes, along with fellow Leeds United board member Salah Nooruddin met with the United manager at both Elland Road and Thorp Arch.
"We've had a good meeting over two days," said the boss.
"We got on really well and spoke about a number of things to progress the club, including player acquisitions, philosophies, how I see things, and upgrading the training ground.
"We discussed an open working relationship and the importance of everyone pulling in the same direction, and they were very, very supportive.
"I have to say, it was very positive and very encouraging."
The owners also met a number of staff members during their visit to Leeds.
Unnamed Leeds United directors acquire small stake in club
YEP 17/5/13
by Phil Hay
GFH Capital has further diluted its stake in Leeds United by assigning a small portion of shares to unnamed members of the club’s board.
United’s owner confirmed to the YEP that a number of directors at Elland Road have been handed equity in the Championship side after accounts for its parent company, Gulf Finance House, showed GFH Capital’s stake had fallen to 86.67 per cent.
The Dubai-based firm took full control of Leeds in December and subsequently sold a tenth of its 100 per cent stake to Bahrain’s International Investment Bank (IIB) for a sum of £2.5million. Gulf Finance House’s report, however, states that “the group sold (a) 13.33 per cent stake” in United during the first three months of 2013, 3.33 per cent more than it relinquished to IIB in March.
Asked about the anomaly, GFH Capital said the additional equity had been acquired by directors of Leeds, though it declined to name the board members concerned.
It stressed, however, that former owner and outgoing chairman Ken Bates was not one of the recipients and continues to hold no shares in the Elland Road club.
Bates is an existing board member at Leeds but willresign as chairman on June 30 to begin a three-year term as president. Chief executive Shaun Harvey is also a director along with GFH Capital employees David Haigh, Hisham Alrayes and Salem Patel.
Salah Nooruddin – once a prominent employee at IIB and a Bahraini-based businessman with interests in real estate – became the latest addition to the board on April 26, taking on what GFH Capital described as a responsibility for “bringing new investors on board as part of GFH Capital’s strategy of building a successful and sustainable future for the club.”
The announcement of Nooruddin’s appointment came with no details about whether he had invested any cash in United or bought part of GFH Capital stake.
GFH Capital declined to comment on whether Nooruddin was now in possession of any shares, saying details of the exchange of equity were confidential.
GFH Capital’s plan of ownership at Elland Road involves selling parts of its stake to “co-investors” and establishing a consortium of shareholders.
The company has controlled Leeds United for the past four-and-a-half months after buying United’s parent company through LUFC Holdings Limited, an off-shore firm that is based in the Cayman Islands.
GFH Capital has faced persistent questions about its financial strength and its ability to fund United’s operations.
Gulf Finance House’s latest financial figures, covering the first quarter of 2013, spoke again of an intention to relinquish more shares, stating: “The group has an active plan to sell its controlling stake in LUFC Holdings Limited to co-investors.
“During the period, the group sold 13.33 per cent stake in the LUFC Holdings Company resulting in dilution of the group’s stake from 100 per cent to 86.67 per cent.”
by Phil Hay
GFH Capital has further diluted its stake in Leeds United by assigning a small portion of shares to unnamed members of the club’s board.
United’s owner confirmed to the YEP that a number of directors at Elland Road have been handed equity in the Championship side after accounts for its parent company, Gulf Finance House, showed GFH Capital’s stake had fallen to 86.67 per cent.
The Dubai-based firm took full control of Leeds in December and subsequently sold a tenth of its 100 per cent stake to Bahrain’s International Investment Bank (IIB) for a sum of £2.5million. Gulf Finance House’s report, however, states that “the group sold (a) 13.33 per cent stake” in United during the first three months of 2013, 3.33 per cent more than it relinquished to IIB in March.
Asked about the anomaly, GFH Capital said the additional equity had been acquired by directors of Leeds, though it declined to name the board members concerned.
It stressed, however, that former owner and outgoing chairman Ken Bates was not one of the recipients and continues to hold no shares in the Elland Road club.
Bates is an existing board member at Leeds but willresign as chairman on June 30 to begin a three-year term as president. Chief executive Shaun Harvey is also a director along with GFH Capital employees David Haigh, Hisham Alrayes and Salem Patel.
Salah Nooruddin – once a prominent employee at IIB and a Bahraini-based businessman with interests in real estate – became the latest addition to the board on April 26, taking on what GFH Capital described as a responsibility for “bringing new investors on board as part of GFH Capital’s strategy of building a successful and sustainable future for the club.”
The announcement of Nooruddin’s appointment came with no details about whether he had invested any cash in United or bought part of GFH Capital stake.
GFH Capital declined to comment on whether Nooruddin was now in possession of any shares, saying details of the exchange of equity were confidential.
GFH Capital’s plan of ownership at Elland Road involves selling parts of its stake to “co-investors” and establishing a consortium of shareholders.
The company has controlled Leeds United for the past four-and-a-half months after buying United’s parent company through LUFC Holdings Limited, an off-shore firm that is based in the Cayman Islands.
GFH Capital has faced persistent questions about its financial strength and its ability to fund United’s operations.
Gulf Finance House’s latest financial figures, covering the first quarter of 2013, spoke again of an intention to relinquish more shares, stating: “The group has an active plan to sell its controlling stake in LUFC Holdings Limited to co-investors.
“During the period, the group sold 13.33 per cent stake in the LUFC Holdings Company resulting in dilution of the group’s stake from 100 per cent to 86.67 per cent.”
Leeds United: Bahraini’s view investment in Whites as a ‘value play’
YEP 16/5/13
The International Investment Bank, the Bahraini firm which bought 10 per cent of Leeds United in March, paid £2.5million for its minority stake according to the company’s latest financial report.
IIB described its decision to invest in Leeds as a “value play” – an opportunity to buy shares which it expects to increase in value – and claimed the plans of owner GFH Capital would “make the club more sustainable and an attractive investment opportunity.”
The bank announced a deal to purchase a small portion of GFH Capital’s 100 per cent shareholding on March 28 having first discussed a minor investment around the time of GFH Capital’s £21million takeover of Leeds midway through December.
The exact details of the agreement with IIB and the price paid for its 10 per cent stake were not disclosed initially but the firm’s annual report for 2012 has shed more light on its outlay and intentions.
In a statement, IIB’s chief executive Aabed Al-Zeera – appointed to the board of United’s parent company as part of the bank’s equity deal – said: “This investment is a ‘value play’ with a high return potential should LUFC get promoted to (the) Premier League.
“The investment opportunity was introduced to IIB by Gulf Finance House (GFH Capital’s parent company) after its purchase of the club in December 2012.
“GFH exclusively own 90 per cent of LUFC through its Dubai-based investment arm GFH Capital and are currently in talks with other regional players to participate in the investment. IIB has made a capital injection of £2.5million against this acquisition.
“IIB believes that GFH’s plan to restructure the financial operations of the club and take on other strategic investors will make the club more sustainable and an attractive investment opportunity in the future.”
Al-Zeera also admitted that IIB would look to sell its stake once progress at Elland Road offered the bank a profitable return, saying: “IIB anticipates capital appreciation over the medium-term, therefore we are currently taking the approach to hold the 10 per cent with a consideration to offer it once the club’s financial position is solidified.”
Al-Zeera joined the board of Leeds City Holdings Limited in March while Salah Nooruddin –formerly chief operating officer at IIB – was named as a United director towards the end of last month.
Companies House’s website is still to confirm either appointment but GFH Capital said Nooruddin would be tasked with “bringing new investors on board as part of (our) strategy.”
The Dubai-based private equity firm has repeatedly spoken of building a consortium of “co-investors” as it looks to end United’s 10-year exile from the Premier League.
The company is believed to be willing to sell a controlling interest in the club.
IIB’s acquisition of a 10 per cent stake was expected to be the first in a line of similar deals, though no further investment has yet been confirmed.
GFH Capital is at the beginning of its first summer transfer window and United manager Brian McDermott will return from holiday next week with the intention of pushing ahead with plans to rebuild his squad.
McDermott wants as many as seven new signings, a wish-list which will examine Leeds’ and GFH Capital’s financial strength.
The International Investment Bank, the Bahraini firm which bought 10 per cent of Leeds United in March, paid £2.5million for its minority stake according to the company’s latest financial report.
IIB described its decision to invest in Leeds as a “value play” – an opportunity to buy shares which it expects to increase in value – and claimed the plans of owner GFH Capital would “make the club more sustainable and an attractive investment opportunity.”
The bank announced a deal to purchase a small portion of GFH Capital’s 100 per cent shareholding on March 28 having first discussed a minor investment around the time of GFH Capital’s £21million takeover of Leeds midway through December.
The exact details of the agreement with IIB and the price paid for its 10 per cent stake were not disclosed initially but the firm’s annual report for 2012 has shed more light on its outlay and intentions.
In a statement, IIB’s chief executive Aabed Al-Zeera – appointed to the board of United’s parent company as part of the bank’s equity deal – said: “This investment is a ‘value play’ with a high return potential should LUFC get promoted to (the) Premier League.
“The investment opportunity was introduced to IIB by Gulf Finance House (GFH Capital’s parent company) after its purchase of the club in December 2012.
“GFH exclusively own 90 per cent of LUFC through its Dubai-based investment arm GFH Capital and are currently in talks with other regional players to participate in the investment. IIB has made a capital injection of £2.5million against this acquisition.
“IIB believes that GFH’s plan to restructure the financial operations of the club and take on other strategic investors will make the club more sustainable and an attractive investment opportunity in the future.”
Al-Zeera also admitted that IIB would look to sell its stake once progress at Elland Road offered the bank a profitable return, saying: “IIB anticipates capital appreciation over the medium-term, therefore we are currently taking the approach to hold the 10 per cent with a consideration to offer it once the club’s financial position is solidified.”
Al-Zeera joined the board of Leeds City Holdings Limited in March while Salah Nooruddin –formerly chief operating officer at IIB – was named as a United director towards the end of last month.
Companies House’s website is still to confirm either appointment but GFH Capital said Nooruddin would be tasked with “bringing new investors on board as part of (our) strategy.”
The Dubai-based private equity firm has repeatedly spoken of building a consortium of “co-investors” as it looks to end United’s 10-year exile from the Premier League.
The company is believed to be willing to sell a controlling interest in the club.
IIB’s acquisition of a 10 per cent stake was expected to be the first in a line of similar deals, though no further investment has yet been confirmed.
GFH Capital is at the beginning of its first summer transfer window and United manager Brian McDermott will return from holiday next week with the intention of pushing ahead with plans to rebuild his squad.
McDermott wants as many as seven new signings, a wish-list which will examine Leeds’ and GFH Capital’s financial strength.
Subscribe to:
Posts (Atom)
