GFH sells half its Leeds United shares
Insider Media 15/8/13
By Laurence Kilgannon, Yorkshire Correspondent
GFH Capital has sold more than half of its stake in Leeds United less than a year after acquiring 100 per cent of the Championship club in a £52m deal, new documents have revealed.
Accounts filed by the private equity firm's parent, Bahraini investment bank Gulf Finance House, show that a majority stake is now in the hands of unnamed strategic investors.
While it is unclear who the investors are, a recently posted statement of ownership on the club's website outlines which shareholders own more than 10 per cent in Grand Cayman-based LUFC Holding Ltd.
Those investors include GFH Capital, Bahrain-headquartered International Investment Bank, which acquired a 10 per cent stake in March, and Envest, an investment vehicle owned by Leeds chairman Salah Nooruddin and his wife.
In accounts for the six months to 30 June 2013, Gulf Finance House said that following the placement of a majority stake in Leeds to strategic investors, it has now de-consolidated LUFC Holdings from its accounts, registering a net gain of $776,000 (£498,000). Gulf Finance House's remaining stake continues to be classified as "held for sale".
GFH acquired Leeds United in late December 2012 through GFH Capital in one of the most eye-catching deals of 2012. The owners have since spoken of attracting a consortium of like-minded investors.
By Laurence Kilgannon, Yorkshire Correspondent
GFH Capital has sold more than half of its stake in Leeds United less than a year after acquiring 100 per cent of the Championship club in a £52m deal, new documents have revealed.
Accounts filed by the private equity firm's parent, Bahraini investment bank Gulf Finance House, show that a majority stake is now in the hands of unnamed strategic investors.
While it is unclear who the investors are, a recently posted statement of ownership on the club's website outlines which shareholders own more than 10 per cent in Grand Cayman-based LUFC Holding Ltd.
Those investors include GFH Capital, Bahrain-headquartered International Investment Bank, which acquired a 10 per cent stake in March, and Envest, an investment vehicle owned by Leeds chairman Salah Nooruddin and his wife.
In accounts for the six months to 30 June 2013, Gulf Finance House said that following the placement of a majority stake in Leeds to strategic investors, it has now de-consolidated LUFC Holdings from its accounts, registering a net gain of $776,000 (£498,000). Gulf Finance House's remaining stake continues to be classified as "held for sale".
GFH acquired Leeds United in late December 2012 through GFH Capital in one of the most eye-catching deals of 2012. The owners have since spoken of attracting a consortium of like-minded investors.