The former majority owner of Leeds United has revealed the net gain it made through the purchase of the Championship club and its subsequent sale of a 75 per cent shareholding to new owner Massimo Cellino.
The annual report for Gulf Finance House reports a net gain of $6.46m (£3.8m) from the investment bank's time as majority owner. Gulf Finance House, the parent company of GFH Capital, retains a 10 per cent stake in Leeds United and said the deal to sell a 75 per cent shareholding was "at a price closer to its book value". In accounts for the 2012 financial year, Gulf Finance House listed Leeds United's book value at $88.1m (£52m). Since then, GFH placed a majority stake in the hands of strategic investors and de-consolidated LUFC Holdings from its accounts so no longer included a value for the total asset. Last month, GFH confirmed the sale of a 75 per cent stake in Leeds United had gone through and said the deal would have a positive impact on its financial position. The transaction with Massimo Cellino's Eleonara Sport had completed after the Italian entrepreneur secured approval from the Football League. In one of the first business moves since Cellino's takeover, it was announced yesterday (30 April) that season ticket prices are to be frozen for the 2014/15 campaign at Elland Road. _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org John 'Grampa' Sykes Rest In Peace old lad 28th Oct 1938 - 12 Nov 2013 MARCHING ON TOGETHER
