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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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