Leeds chairman buys £19m stake in Gulf parent - more details emerge

A statement from GFH has revealed that a family consortium led by Nooruddin, who became United chief in July, had acquired a 5.71 per cent stake in the Bahraini investment bank.

The statement described Nooruddin as a ‘prominent business player in the Bahrain market with a successful family track record in the field of banking and financial services.’

The bank said that the main drive behind Nooruddin’s investment was the potential business value of GFH and the bank’s trading performance. No purchase price was given in the statement, but at Monday’s closing share price, the stake was worth around $28.9m (£19m).

Nooruddin joined the Leeds United board of Leeds in April and soon became vice-chairman before taking over as chairman on July 1 following the departure of Ken Bates.

Upon becoming a board member, the club confirmed that Noorudin, once a prominent employee at Bahrain’s International Investment Bank (IIB), was the holder of 3.33 per cent of Leeds City Holdings Limited – the club’s parent company.

Nooruddin increased his stake in United to more than 10 per cent in August with an ownership statement revealing he and his wife now controlled the shareholding through a jointly-owned firm called Envest Limited.

Meanwhile, United’s Championship rivals Middlesbrough are expected to announce Aitor Karanka as their new manager today - with his first game in charge set to be at Elland Road on Saturday week.

Karanka, 40, was formerly the assistant to Jose Mourinho at Real Madrid and was also heavily linked with the vacant Crystal Palace post.

Reports in the North East claim that Karanka has agreed a two-and-a-half year deal with the Teessiders - to become their first foreign boss.

Former Whites defender and Boro striker Jonathan Woodgate is expected to be fit for the trip to his former club in ten days time after missing last weekend’s clash with Watford with a groin injury.

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