GFH confirms Leeds sale to Bahrain Bourse

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Insider Media 14/4/14
Laurence Kilgannon, Yorkshire Correspondent
Bahraini investment bank Gulf Finance House has confirmed the sale of a 75 per cent stake in Leeds United to the Bahrain Stock Exchange and said the deal would have a positive impact on its financial position.
In a letter to the stock exchange, Gulf Finance House, the parent of GFH Capital, said the transaction with Massimo Cellino's Eleonara Sport had completed after the Italian entrepreneur secured approval from the Football League.
The sale is expected to have a positive short and medium-term impact on Gulf Finance House's finances. The bank and associates continue to hold a 25 per cent interest in the Championship club.
Cellino was granted approval to take over at Leeds United earlier this month after initially being turned down by the Football League.
He will take up the position of president and he will head up a new-look board.
However, managing director David Haigh will not be part of that board after confirming his resignation last week.

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