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Mar 28, 2013

Leeds owners sell 10% stake to bank

The owners of Leeds United, GFH Capital, have sold a 10% stake in the club to the Bahrain-based International Investment Bank.

After a protracted negotiating process that saw them take control of the Championship club from Ken Bates, there had been speculation that GFH could have been looking to sell up after only arriving at Elland Road in December.

They said their aim was to attract "strategic investors" to strengthen the financial position of Leeds in an effort to help them back to the Premier League.

David Haigh, the 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.

"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."

GFH said it was expecting other investors to join International Investment Bank, which said it was "delighted to become investors in Leeds United".

Information from the Press Association was used in this report

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