Bahrain’s GFH Financial Group disposes of remaining Leeds United stake

Published September 18th, 2016 - 08:11 GMT

Bahrain-headquartered GFH Financial Group has disposed of its remaining equity interest in England’s Leeds United Football Club.

In a Dubai Financial Market filing published on Thursday but sent on September 13, GFH said its Dubai-based subsidiary GFH Capital Limited had completed the sale of its 18 per cent stake to Eleonora Sport Limited.

The company said the transaction would reflect positively on its financials and liquidity for the 2016 financial year but did not give further details.

GFH acquired Leeds for GBP52m in late 2012 but its ownership proved short-lived with several stake sales in the months that followed.

In January 2014 the firm said that it had agreed a part sale of its stake in the club before later selling 75 per cent to Italian Massimo Cellino.

The acquisition was the subject of controversy after a key figure behind the deal, former GFH Capital deputy CEO and Leeds United managing director David Haigh, was arrested in Dubai in 2014 on charges of embezzling Dhs23.7m ($6.45m).

Haigh was later charged with cyber slander against GFH two days prior to his release after an offensive tweet was sent from his account.

He was released after 23 months of detention in March this year.

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