GFH Capital insist they hold majority

Leeds United owner GFH Capital says it remains in control of a majority shareholding in the club, despite the accounts of parent company Gulf Finance House appearing to show that the firm has relinquished more than 50 per cent of its stake.

GFH Capital director Salem Patel.
GFH Capital director Salem Patel.

A source at GFH Capital said that its authority at Elland Road was unchanged following a recent reallocation of shares which saw United chairman Salah Nooruddin raise his own stake to more than 10 per cent.

Recently-published accounts for Gulf Finance House – the Bahraini investment bank which owns Dubai-based GFH Capital – commented on the “placement of majority stake in LUFC to strategic investors” during the six months leading up to June 30.

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The accounts also showed that assets held for sale – confirmed as relating to United’s parent company, Leeds City Holdings Limited – had decreased in value significantly.

United followed up Gulf Finance House’s announcement by revising the ownership statement on their official website, confirming that GFH Capital, Bahrain’s International Investment Bank (IIB) and Envest Limited – a company owned by Nooruddin and his wife – now hold stakes in excess of 10 per cent.

Nooruddin had originally bought a 3.33 per cent share in Leeds when he joined the club’s board in April.

GFH Capital declined to comment on the reasons for the movement of shares or the details of Gulf Finance House’s latest financial figures, with a source saying only that United remained under GFH Capital’s control.