Bahraini-based businessman Salah Nooruddin has been named as Leeds United’s new vice-chairman with immediate effect.
United have also confirmed that Nooruddin, once a prominent employee at Bahrain’s International Investment Bank (IIB) – who purchased 10 per cent of club owner GFH Capital’s 100 per cent stake of the club in March – is the holder of 3.33 per cent in LUFC Holding Limited.
Last week, Dubai-based GFH Capital told the YEP that several directors at Elland Road had been handed equity in the club after accounts of its parent company, Gulf Finance House, showed that GFH Capital’s stake had fallen to 86.67 per cent.
The report stated that GFH had sold a 13.33 per cent stake in United during the first three months of 2013, 3.33 per cent more than it relinquished to IIB in March, with it having now been revealed that Nooruddin has acquired the additional equity.
GFH Capital had declined to comment on whether Nooruddin owned any shares last week, stating that the details were confidential. But they have now clarified the position.
Nooruddin – who has interests in real estate – joined the club’s board on April 26, taking on what GFH Capital described as a responsibility for “bringing new investors on board as part of GFH Capital’s strategy of building a successful and sustainable future for the club.”
On his appointment as vice-chairman, Nooruddin said: “I am delighted to accept the position as vice-chairman of Leeds United and look forward to working with the club’s staff, so as to achieve the best possible results both on and off the field.”
Hisham Al-Rayes, managing director of GFH Capital added: “Salah comes with 25 years experience in the investment business in various regions including the UK.
“He will be working closely with the club’s executives to achieve our visions and goals. He will be in regular communication with the club to achieve this.
“We have also had a constructive meeting with Leeds City Council that Salah attended, along with Shaun Harvey to discuss how we can work together in the future to our mutual benefit.”
Upon taking the reins at Elland Road, GFH Capital revealed that it’s plan of ownership involved selling parts of its stake to “co-investors” and establishing a consortium of shareholders.
Gulf Finance House’s latest financial accounts, covering the first quarter of 2013, reiterated the prospect of the company relinquishing more shares, stating: “The group has an active plan to sell its controlling stake in LUFC Holdings Limited to co-investors.”
Meanwhile, the Championship make-up for 2013-14 is almost complete with Yeovil Town having accompanied Doncaster Rovers and Bournemouth to the second-tier, meaning another lengthy trek for United supporters.
United visited Huish Park three times before during their tenure in League One, their last game at the Somerset venue being in April 2010.
United’s match at Bournemouth’s Dean Court ground next season will be their first trek to there since November 2007, while you have to go back to January 2006 for the last time the Elland Road club visited the JJB Stadium, when they faced Wigan Athletic – newly relegated to the Championship – in a third-round FA Cup tie.