Leeds United stake sold

GFH Capital, Leeds United’s owner, has sold a 10% in the Championship club to Bahrain-based International Investment Bank.
 
It had been reported that GFH has been looking to sell the Elland Road club.

However, GFH Capital, which bought Leeds United from Ken Bates last year, today said it was recruiting “strategic investors” to strengthen the club’s financial position as it looks to take the club back to the Premier League.

Aabed Al-Zeera, chief executive of IIB, is to join the board of Leeds City Holdings following the deal.

David Haigh, deputy chief executive of GFH Capital, said: “The introduction of IIB is in keeping with what have always been GFH Capital’s aims for the successful, sustainable and long term ownership of Leeds United FC.

“We believe that a consortium of like-minded investors provides the best ownership model for a club which belongs among the elite of English football clubs and global sporting brands.

“It is our aim to provide the finance and the stability to enable the club to complete that journey as soon as possible.”

Mr Al-Zeera said: “We are delighted to become investors in Leeds United and would like to thank GFH Capital for facilitating this for us.”

GFH said it expects other investors to join, providing Leeds United with “sound long-term finance”.

International Investment Bank B.S.C was launched as an Islamic Investment Bank in October 2003.