GFH capital sells stake in second tier English football club just three months after buying
The Dubai-based owner of UK football club Leeds United has sold a 10 percent stake to Bahrain’s International Investment Bank (IIB) for an undisclosed amount just three months after acquiring the team.
The side, which plays in England’s second tier The Championship league, were in December last year bought out by Dubai’s GFH Capital.
Last week, GFH denied media speculation that it was looking to sell the club, but stated that it was looking for fresh investment.
"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," David Haigh, deputy chief executive of GFH Capital, said in a statement on Thursday.
As part of the deal, IIB CEO Aabed Al-Zeera will join the board of the side’s holding company, Leeds City Holdings Limited.
The team are currently placed 10 in the Championship and have spent much of a tumultuous last decade yo yo-ing between divisions as the club struggled with financial difficulties.
In December, Leeds United Football Club posted an operating loss of more than GBP£3m.
The figures showed that turnover was also down 4.9 percent in the year to June 2012.