It was announced yesterday by the Gulf House (GFH) that it has sold its residual 18% stake (in Leeds United Football Club) to Eleonora Sport Ltd (which is operated by an Italian businessman Massimo Cellino).
Leeds United said in a statement that “Eleonora now owns 100 percent of the club”.
In 2008, GFH faced several debt restructurings but is currently expanding its financial services sector.
The price at which GFH Financial sold its remaining was stock was not reveal but it was said that the deal on the sale will “reflect positively on its financials and liquidity for 2016”.
Their shares were flat at Dh1.01 in a falling Dubai market.