Leeds clarify 'sale' stance

2013-03-20 20:41
Leeds United logo (File)

London - The Dubai-based owners of fallen English football giants Leeds United added to the increasing sense of uncertainty enveloping Elland Road by saying Wednesday they were seeking fresh investment but did not want to sell the club.

GFH Capital completed a lengthy purchase when they bought Leeds from former owner Ken Bates, previously best known as Chelsea's chairperson before selling out to Russian billionaire Roman Abramovich, in December.

But in their financial statements for the year ending December 31 2012, which came to light on Tuesday, they said they were intent on selling their stake in LUFC Holdings, Leeds' parent company, for £7m more than they paid Bates.

"The group has an active plan to sell its stake in LUFC Holdings," Gulf Finance House (GFH) said in their financial statement.

"Subsequent to the year end, (GFH) has commenced negotiations relating to the sale of its stake in LUFC Holdings."

However, a fresh statement issued on Wednesday said: "In March 2013, Gulf Finance House (GFH), parent company of Leeds United FC owner GFH Capital, published its financial audited report that stated it was looking to sell its stake in the club.

"To clarify and as previously stated, GFH Capital is looking for investment in part of its share in the club, not its entirety.

"GFH Capital has been transparent since acquiring Leeds United and is continuing to look for strategic investors in part of the club that can invest in Leeds United, alongside GFH Capital, to ensure a long-term, sustainable future.

"Since GFH Capital took ownership of Leeds United, it has fulfilled its promise of investing in the club, with around 10 million having already been injected into the club; to strengthen the squad and for other working capital purposes.

"Additional financial support will continue to be provided as required.

"To date, GFH Capital has fulfilled the plans pledged and its strategy for the club remains the same; to build a group of strategic investors to put Leeds United in the best position both on and off pitch for the long term."

GFH's latest statement came just two days after Leeds manager Neil Warnock, indicated Monday he would leave at the end of the season if the three-time English champions were not promoted to the lucrative Premier League.

Leeds are currently seven points adrift of a playoff place with only eight games of the regular season remaining.

Read more on:    leeds united  |  soccer

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