Leeds United

Bahrain's GFH sells remaining 18 pct of Leeds United

A Dubai-based subsidiary of Islamic investment bank GFH Financial Group has sold its remaining 18 % stake in English football club Leeds United, ending nearly 4 years of Middle Eastern involvement in the club. GFH Capital sold the stake to Eleonora Sport, operated by Italian businessman Massimo Cellino. Eleonora now owns 100 % of the club, Leeds United said.

GFH bought Leeds United in December 2012 but within months began looking for new investment in the club, and in 2014 Cellino bought a majority stake in it. GFH Financial did not reveal the price at which it sold its remaining stake but said the deal would reflect positively on its financials and liquidity for 2016. Crippled during the global credit crisis in 2008, GFH Financial went through several debt restructurings but has resumed expanding in the financial services sector. In August it signed a memorandum of understanding to buy most of Bahrain's Bank Al Khair.

Bahrain’s GFH in Legal Spat With ex-Leeds United Director David Haigh

Bahrain’s Gulf Finance House has become entangled in a dispute with a former executive at its Dubai-based private equity unit who the company alleges falsified invoices to siphon almost $5 million into bank accounts controlled by him. David Haigh, who was the deputy chief executive of GFH Capital until resigning this March, was arrested shortly after he arrived in Dubai about a month ago and has been in detention since. Legal authorities in Dubai are weighing criminal charges, according to an emailed statement from GFH, while the company has also filed a civil suit against him in the Dubai International Financial Centre. Mr. Haigh denied the GFH allegations.

Leeds United set for new takeover

Leeds United owners GFH Capital are reportedly planning to sell the football club, just seven weeks after completing their takeover. Current owner of Hull FC rugby league club Adam Pearson is believed to be leading a bid by a consortium of Yorkshire businessmen. The deal is understood to be for 51 per cent with a full takeover later this year. A GFH Capital statement last night said that they had received several offers to invest in the club alongside them, but none had been accepted.

LUFC takeover: Who are GFH Capital? and Gulf Finance House?

GFH Capital is a private equity firm based in Dubai, UAE. According to its website, the company has been highly successful investments and fund management over the past ten years. It also points out that it has handled investments worth more than eight billion US dollars in 25 different countries. Its funds to some extent come from the Dubai Islamic Bank, the World Bank and the Islamic Development Bank. The Gulf Finance House is an investment bank Bahrain. It completely owns GFH Capital Limited. Just as GFH Capital, the Gulf Finance House has made numerous successful investments worth billions of American dollars. GFH Capital has made its bid for Leeds United on its own and will handle the deal independently of Gulf Finance House.

Leeds takeover imminent after Bates receives proof of funds from Bahrain Read more: http://www.dailymail.co.uk/sport/football/a

After GFH Capital have shown enough proof of funds to complete the takeover of Leeds United, the acquisition is ready to be fulfilled. Thus, the long months of discussion starting May this year are over. According to current Leeds owner Ken Bates, both parties are ready to close the deal in the very near future. He also pointed out the negative effect of inaccurate reporting by some journalists due to lack of knowledge, which, however were not able to disturb the acquisition procedures as much.

Read more on: http://www.dailymail.co.uk/sport/football/article-2223470/Leeds-takeover...

GFH Capital, Leeds United and Shari’ah law

The takeover of Leeds United Football Club by GFH Capital raised disputes on the level of Shari’ah compliance associated with the deal. A statement by David Haigh, deputy chief executive officer and chief operating officer of GFH Capital, stumbled upon rather negative reception. He compared Leeds United to young Pamela Anderson in terms of good shape and future perspective. Also, the fact that a soccer club where alcohol, gambling and pork feature in the mix is subject of acquisition, the question arises whether it is at all compliant with the Shari’ah principles.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Leeds United buyer Gulf Finance House holds less than £3.6m in cash

An analysis by the Daily Telegraph shows that Gulf Finance House (GFH), which plans to buy Leeds United, is short of money. The investment-banking group held less than £4million in cash in June 2011, which is £800million less than the cash sum at the end of 2008. As a subordinate company to GFH, GFH Capital claims to have the money for the acquisition and not to be involved in the financial shortage of its parent company. However, further details on this issue are not revealed.

Read more on: http://www.telegraph.co.uk/sport/football/teams/leeds-united/9597049/Lee...

GFH Capital in talks to takeover Leeds United

GFH Capital discusses the takeover of the English football club Leeds United and has considerably advanced in its negotiations. Even though a football club is not typical for a bank's business, GFH Capital has discussed logistic and other issues at length and it is possible for the investment operation to be finalized by the end of the year.

More on: http://www.ameinfo.com/gfh-capital-talks-takeover-leeds-united-312875

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