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Mar 21, 2013

Leeds owners backtrack over reports

Leeds United owners Gulf Finance House (GFH) have contradicted statements made in its own annual accounts by claiming that they do not want to sell the whole club, just a stake in it.

GFH only acquired the Championship side on December 21, but revealed an 'active plan' to sell their stake in LUFC Holdings Limited in the company's statements for the year ending December 31, 2012.

"The Group has an active plan to sell its stake in LUFC Holdings Limited, and accordingly, the asset and liabilities acquired were classified as held-for-sale and presented in the consolidated statement of financial position. Subsequent to the year end, the Group has commenced negotiations relating to the sale of its stake in LUFC Holdings Limited," GFH's company accounts for 2012 read.

The Bahrain-based company went on to describe the football club as a "bargain purchase" for potential buyers, however after media reports highlighted the issue, GFH backtracked.

"To clarify and as previously stated, GFH Capital is looking for investment in part of its share in the club, not its entirety," the statement said.

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