Neither can I, perhaps that explains why neither of us are billionaires with a multitude of offshore interests :o)
Sent from my iPhone > On 1 May 2014, at 16:13, "Richard Naef" <[email protected]> > wrote: > > 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 _______________________________________________ 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
