* GFH results show more than half of Leeds Utd now sold * Firm makes $776,000 gain on sales * Holders with over 10 pct of club: GFH, Envest, IIB By Martin de Sa'Pinto and David French ZURICH/DUBAI, Aug 15 (Reuters) - The Dubai-based investment firm that bought English soccer club Leeds United in December after lengthy negotiations sold more than half of its 100 percent holding less than six months later, financial statements show. GFH Capital, a subsidiary of Bahraini Gulf Finance House , offloaded a 10 percent stake to 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 on the sale and was now deconsolidating Leeds results from its own. GFH could not be reached for comment on Thursday. The company paid 52 million pounds ($80.4 million) last year to buy Leeds from previous owner Ken Bates, reported by British media to have been sacked as lifetime president of the club in July over his use of a private jet to travel to matches. 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 $10.4 million 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 $4.2 million in the first half of the year, its financial statements showing that this was mainly possible because of a $52 million gain from converting a type of Islamic financing security into shares. On an operating level, the group lost $13 million, the cash flow statement shows, while the balance sheet reports accumulated losses since establishment of $379 million. HP Sauce
I'm assuming a lot of this isn't news to us. To be honest, I've lost track of what I knew and what I didn't Just saw the story so thought I'd post it over here
Always follow the money, none has arrived in the form of major funds available for bm and the team or er and ta. So this is all hot air to me.
Nice that they've made half a million quid profit already on these sales. I did think however that any shareholder who holds more than 10% should be named, but yet again we see nameless/faceless people owning the club. For all we know bates's back ffs. Nobody in their right minds would deal with Bates and is why the GFH deal almost collapsed because the original buyer wanted Bates to sign indemnity clauses. Now he's gone we should have investors fighting for shares, but probably too late to do any damage this season. GFH have stated that they want out within 2-years, which happens to be the same time as their promise to get us promoted.
Shows how deluded the arabs are Doc - first they think they can sell you on then they think you'll be up in 2 seasons
They have named everyone who has more than 10% share in the club. GFH, Envest and IIB. Every other shareholders obviously owns less than 10% therefore doesn't need to be named. And plus, this is all old news anyway. Salah Noorudin had already stated that he bought a larger percentage in the club once he was announced as Chairman, which to my knowledge anyway, is the latest development on this front. IIB were already involved, everything else has been about smaller amounts of money in the grand scheme of things (ie. less than 10% shareholder changes).
