Leeds United: £21m cost of buyout?

Elland Road.

Elland Road.

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Gulf Finance House, the parent company of Leeds United owner GFH Capital, has announced a profit of around £6.5m for 2012.

The Bahraini investment bank made 10.03m US Dollars in the past 12 months, up from 0.38m US dollars in 2011.

Gulf Finance House is technically the ultimate owner of Leeds, having authorised executives of GFH Capital to lead the takeover of the Championship club last year.

Both the bank and GFH Capital have faced intense scrutiny of their accounts and financial outlook prior to and since the purchase of United from Ken Bates on December 21.

Gulf Finance House’s latest balance sheet shows that around £21m was spent on the “acquisition of subsidiary”, a possible indication of the true cost of buying out ex-Leeds owner Ken Bates.

The subsidiary concerned is described as “held for sale”, a term which often indicates a plan to sell the asset in the near future.

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