I can't understand how they can value it at £52m, allegedly sell 75% for £25m and say they made £3.8m.
> Surprised no one else is commenting on this, especially the bit about frozen > season ticket prices? > > Pete C > > -----Original Message----- > From: [email protected] [mailto:[email protected]] > On > Behalf Of Rick Duniec > Sent: Thursday, 1 May 2014 8:35 PM > To: [email protected] > Subject: [LU] GFH post a profit on Leeds > > 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 [email protected] > > John 'Grampa' Sykes > Rest In Peace old lad > 28th Oct 1938 - 12 Nov 2013 > MARCHING ON TOGETHER > > _______________________________________________ > Leedslist mailing list > Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist > To unsubscribe, email [email protected] > > John 'Grampa' Sykes > Rest In Peace old lad > 28th Oct 1938 - 12 Nov 2013 > MARCHING ON TOGETHER _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] John 'Grampa' Sykes Rest In Peace old lad 28th Oct 1938 - 12 Nov 2013 MARCHING ON TOGETHER
