Leeds United chairman buys stake in GFH
Dubai, November 12, 2013
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 28.9 million dinars ($76.6 million), according to Reuters calculations.
GFH Capital, a Dubai-based unit of GFH, bought Leeds United last year for 52 million pounds 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. - Reuters