http://www.theguardian.com/football/2013/aug/15/leeds-united-owner-gfh-offloads-shares
The Dubai-based investment firm that bought Leeds United in December sold more than half of its 100% holding less than six months later, financial statements show. GFH Capital, a subsidiary of Bahraini Gulf Finance House, offloaded a 10% stake to the Bahrain-based International Investment Bank earlier this year and its second-quarter financial statement showed it had now sold a total of more than half the shares. The statement did not say who the buyer was, specifying only that it had made a gain of $776,000 (£500,000) on the sale and was now deconsolidating Leeds results from its own. GFH could not be reached for comment on Thursday. The company paid £52m last year to buy Leeds from their previous owner Ken Bates, who has since left the club. The club's website lists shareholders of Grand Cayman-based LUFC Holding Limited – owner of Leeds City Holdings Limited, which in turn owns the club – as GFH Capital, International Investment Bank and Envest Limited. Envest is owned by Salah Nooruddin, who replaced Bates as chairman, and his wife. GFH, which had already booked a $10.4m profit on the Leeds deal in its 2012 financial statement, said in April it had offers from several investors for stakes in the club. The company has been forced into a number of debt restructurings as well as a major overhaul of its business model since 2010 as it struggled in the aftermath of the global financial crisis. It made a profit of $4.2m in the first half of the year, its financial statements showing that this was mainly possible because of a $52m gain from converting a type of Islamic financing security into shares. On an operating level, the group lost $13m, the cash flow statement shows, while the balance sheet reports accumulated losses since establishment of $379m. _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org MARCHING ON TOGETHER
