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Tue 12 Nov 2013 11:18 AM

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Bahrain's GFH says 5.71% stake sold to Leeds Utd chief

Gulf Finance House says family consortium led by chairman of English football team has bought stake

Bahrain's GFH says 5.71% stake sold to Leeds Utd chief
(Getty Images - photo for illustrative purposes only)

Bahrain-based investment firm Gulf Finance House (GFH) said on Tuesday that a family consortium led by chairman of English soccer team Leeds United had bought a 5.71 percent stake in the company.

Salah Nooruddin, a Bahraini businessman, will join GFH's board of directors following the stake acquisition, subject to regulatory approval, a bourse filing said.

No purchase price was given in the statement. However, at Monday's closing share price, the stake would be worth around BD28.9m ($76.6 million), according to Reuters calculations.

GFH Capital, a Dubai-based unit of GFH, bought Leeds United last year for £52m and subsequently sold some of its stake to investors including Envest Limited, a firm owned by Nooruddin and his wife.

Nooruddin was named chairman of the soccer club in July.

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