For sale signs go up again at Leeds United
Leeds United are set for another period of uncertainty at boardroom level after it was revealed today that owners GFH Capital are in talks to sell the club.
Although they only officially took over from Ken Bates three months ago the Bahrain-based group are in negotiations to sell their stake in LUFC Holdings, the club’s parent company, for £7 million more than they paid.
While admitting they were looking for additional investment, GFH have previously denied that they bought the Npower Championship club to sell on, but now appear to be looking to make a quick profit.
In its financial statements for last year it was stated: “The group has an active plan to sell its stake in LUFC Holdings Limited, and accordingly, the asset and liabilities acquired were classified as held-for-sale and presented in the consolidated statement of financial position.
“Subsequent to the year end, the group has commenced negotiations relating to the sale of its stake in LUFC Holdings Limited.”
GFH claim to have bought the Elland Road club at a “bargain” price, believed to be £21m.