Bahrain Stock Exchange Requests Takeover Clarification From GFH TSS March 27, 2013 Leeds United 13 Comments The Bahrain Stock Exchange has requested clarification from GFH Capital regarding the future of Leeds United. A year-end report from Gulf Financial House, the parent company of GFH Capital, listed Leeds United as a ‘held-for-sale’ asset, an accounting classification used when a company expects to sell the majority share of an asset within 12 months. When the report was made public on the website of Gulf Financial House, the media quickly reported that Leeds United was once again for sale, leading to speculation amongst fans as to who the next owners may be. This drew what appeared to be a conflicting statement from GFH Capital via Leeds United’s official website. While the firm didn’t deny they were seeking investment in the club – a position they’ve maintained since day one – they insisted their position hadn’t changed, referring to an earlier interview with David Conn in which Salem Patel said they’d prefer to sell a 30% stake and maintain majority ownership. All this has left fans unsure as to whether we’re actually for sale or not, and it appears we are not alone. The confusion has now prompted the Bahrain Stock Exchange to seek clarification on the matter, explaining to Bloomberg that; “[Gulf Financial House's compliance officer] says the company has already disclosed its position in the financial report for the year so we requested to clarify the article on the website and we haven’t had a response.” The Bahrain Stock Exchange official accused Gulf Financial House of “not following regulations defined by the central bank of Bahrain” adding that “they have to confirm, deny or correct whatever statement is declared to the public or to newspapers.” What’s clear is that Gulf Financial House are sticking to the year-end statement they published, but GFH Capital seem to be suggesting a smaller sale of shares than their parent company. An apparent breakdown in communication seems to tie in with speculation linking local businessman Steve Parkin with a takeover attempt. Reports claim the millionaire Leeds United fan is dealing directly with Gulf Financial House in an attempt to takeover the club, effectively cutting GFH Capital out of equation. With a bit of luck, Gulf Financial House will attempt to clarify matters at their annual shareholders meeting tomorrow. http://twitter.com/mojoluafc Garforth White I hope they do clarify it tomorrow, we can’t keep second guessing everything all the time. spellz As per usual us the paying fans who effectively keep this football club alive, are the ones shrouded in uncertainty and are the only people involved in Leeds United FC who actually never knows what is going on as the chairmans always fabricate everything they know, to get us through the gates and never give us the bitter truth that they don’t actually care about Leeds United but even if it is just for business, then why the hell are none of the chairmans we have had actually trying to get us in the premiership? its beyond me. Anyway whoever comes in next needs to install a level of belief in the fans and show they can interact in an appropriate manner and not label us morons for us and our peers carrying the passion of our club through the years since 1919, so they can begin to structure a relationship between club and fans and start rebuilding the trust factor as we need to head forward in the same direction and of course investment in our lacklustre squad is a must and also if we are promised a much needed striker next time don’t sell our leading one . M.O.T spellz By the way I really do hope a Leeds United fan takes over. Northumberland LUFC This whole situation; GFH, David Haigh, Salem Patel and who ever else is involved with GFH or GfHC ownership, running of Our football club is a disgrace. Who the hell in the English game today is actually responsible for protecting clubs from fly-by-night shitbags masqurading as “Fit and Proper” persons to own and run a football club. Up until now I had been supportive of GFH but they certainly aren’t doing themselves any favours with recent revelations. No investment in playing squad in January, failing to bring in so called “loan targets”, and now missing out on a quality manager like Nigel Adkins. Total lack of ambition, if they seriously wanted Adkins and serious about PL football for Leeds United he would be at ER now. GFH you’ve not got the know how or the finances to run a big club like Leeds, move aside please!! LUFC Always Kev Deary me – the saga continues – “Fit and proper” ? its just words , means absolutely nothing. Fans are now in a situation again where we dont know what is going on at our football club. Is this right ? No !!! and NO again !!! Its about time all this is laid to rest once and for all otherwise we will have another season approaching full of empty promises and the fans are left with a bitter taste in their mouths. I for one are sick of hearing about takeovers, Ken Bates, GFH capital and any other quick buck company buying for business purposes only – This is OUR football club and we deserve better JD How indicative of the sign o’times at Leeds United that we have to get our information from the Bahrainian Stock Exchange. What is going on? How did these muppets pass a fit and proper test?? Gistheman Well if Parkin is buying the club through parent company of our present owners??? Then gfhc haven’t got a leg to stand on really have they as the parent company gfh are pulling the strings without them, this would explain the silence with the takeover presumably at advanced stages they won’t or can’t say anything can they really. I for one would be happy as long as it is done before this season ends that way we still have time to pull in a manager and give him some money to add to the squad as I don’t feel we are that bad if the players are played in the their rightfully positions and subs are used to change games not just to waste time. Some imfo could well be given 2moro finger crossed its good and straight forward to understand mot. Max My reading of the annual report and subsequent analyst comments is that the parent company has taken on the difference between the purchase price and the assumed (and arbitrary, unless an offer is on the table) disposal value of LUFC as “goodwill” and expressed this difference as $10m+ of income (!), and this has magically made them a profit on their books. I think one might be able to get away with (in some countries) but my take is that the value needs to be foreseeably convertible to cash, and also that it needs to be 100% converted for 100% of it to be expressed as income per the above. So it’s not just whether the stake is sold, but also how much. kev raunds Please someone tell the fans the truth,i am fed up of this continual bullshit,we have lost a whole generation of supporters during the time we have been out of the prem,the club is dying on its arse.GFH STOP LYING OR PISS OFF. Matthew Wanted: Owner/s who are genuine fans of the club, with money to invest and an ear available to legitimate concerns of the fans. If you think you fit this criteria, head over to Elland Road. You can’t miss it. lol http://twitter.com/Chriswa80186544 Chris ward Dose this smell of Bates? All the smoke n mirrors sparkx I know this is off topic but anyone seen the Vital Leeds Championship table? It shows we have one more point than we actually have?! It also shows we’re in ninth when we are tenth?! Do you think its wishful thinking?! Looks like we’ve nicked a goal and a point that Boro actually have! Boro should have one more win, one less draw, 2 more points and -3 GD. We should have one less draw, one more loss, -5 GD and less one point! s maybe its time to let them know how we feel , dont buy a season ticket , and dont turn up to watch . The team is crap , entertainment value 0 , value for money 0 . being treated like mugs !