SBD Global/January 21, 2014/Finance

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  • Control Of Leeds United To Change Again After Owner GFH Sells Most Of Its Shares

    Control of League Championship side Leeds United "is once again being passed to a new set of investors" after its Dubai-based owners said that "they were selling most of their holding in the Championship club," according to Roger Blitz of FINANCIAL TIMES. Private equity group GFH Capital said that it had sold 75% of the club "to a consortium" including Leeds Managing Dir David Haigh. He is GFH Capital’s deputy CEO (FT, 1/20). REUTERS' David French reported in a filing to the Dubai bourse on Monday, GFH said that "an agreement had been struck with the consortium" on Nov. 30 but the FA "had yet to grant approval for the takeover." The sale, it said, "would have a positive impact on financials." In addition to GFH, Bahrain-based Int'l Investment Bank and Leeds Chair Salah Nooruddin's Envest company all own more than 10% of Leeds, according to the club website (REUTERS, 1/20). BLOOMBERG's Sarmad Khan reported GFH "climbed to the highest in more than 22 months after the investment company said it signed an agreement with a group of British investors." The shares gained 9.6% to 0.86 dirhams in Dubai, the highest close since March '12. The company’s shares "rose for a third day" after it said on Wednesday that "it had signed an agreement to sell a stake in the club." Its Kuwait-listed stock rose 8.6%, while it gained 9.8% in Manama. Volume of shares traded in Dubai "was almost five times the three-month daily average" (BLOOMBERG, 1/20).

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  • Real Madrid President Reportedly In Talks Regarding NYSE Flotation Of Club Shares

    Sports marketing agency Euromericas reported that Real Madrid President Florentino Pérez's club "has a post-IPO value" of $3.5B, according to SPORT. Last year, "the club began taking steps toward becoming listed on the NYSE." Real Madrid "could be following the steps taken by ManU." Shares in the club "would cost between $14-$16." Stock in Real Madrid "will be very interesting for international investors, because the stocks would immediately be offered at a high interest rate." Currently, "businesses in Europe with values similar to that of Real Madrid can only put themselves on the market if they pay a price of 10% or more." In Real Madrid's case, "the guarantee of the stocks will have the support of sustainable revenue from club members, TV revenue and sponsorships" (SPORT, 1/20).

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