Leeds United Takeover Moves Closer As Gulf Finance House Agrees To Stake Sale

Bahrain-based investment company Gulf Finance House "has agreed to sell part of its stake" in League Championship Leeds United, "smoothing the way for a takeover by a British consortium," according to Nair & Weir of REUTERS. Leeds Managing Dir David Haigh and club sponsor Enterprise Insurance Managing Dir Andrew Flowers "are part of a group" buying a stake of at least 75% in the former English football champions. In a brief statement on Wednesday, GFH "confirmed it had agreed the sale of part of its remaining stake to British investors but gave no further details" (REUTERS, 1/15). BLOOMBERG's Sarmad Khan reported shares in GFH "climbed to the highest in almost eight months." The shares gained 1.8% to 56 fils, the highest close since May 27 in Kuwait, bringing the market value to $626M. They "soared" 10% Tuesday, the most since '05, as the number of shares traded "surged to more than twice the three-month daily average" (BLOOMBERG, 1/15).