Bahrain’s GFH sells remaining 18 per cent of Leeds United
A Dubai-based subsidiary of Islamic investment bank GFH Financial Group has sold its remaining 18 percent stake in English football club Leeds United, ending nearly four years of Middle Eastern involvement in the club.
GFH Capital sold the stake to Eleonora Sport, operated by Italian businessman Massimo Cellino, GFH Financial said in a statement to Dubai’s stock exchange on Thursday.
Eleonora now owns 100 percent 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.