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Thu 15 Sep 2016 09:35 AM

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GFH Capital sells off remaining stake in Leeds United

Dubai-based investment house ends troubled four year association with English football club

GFH Capital sells off remaining stake in Leeds United
Leeds United. (Getty Images)

GFH Capital has ended its association with Leeds United by selling its remaining stake in the English football club.

The Dubai-based unit of Bahraini Islamic investor Gulf Finance House posted a statement on the Dubai Financial Market saying it had sold an 18 percent stake in the club to the largest shareholder, Massimo Cellino.

The value of the deal was not disclosed.

GFH Capital took control of Leeds in December 2012, in a move that made then deputy CEO David Haigh managing director and a board member of the club.

In April 2014, Italian businessman Massimo Cellino bought a 75 percent stake in Leeds from GFH Capital.

Haigh was later was arrested and jailed in Dubai in May 2014 on charges of misappropriating around $5 million of the company’s funds.

The 38-year-old was accused of embezzling from his former employer by fabricating around 100 invoices and arranging payment into at least four different bank accounts in Dubai, London and Manchester.

Haigh was sentenced to two years in jail after being convicted of “breach of trust” by the Dubai Criminal Court in August last year, and was released in November.

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