Are Gulf Finance House Good News For Leeds United?

Leeds fans have reached for the tissues at the prospect of getting rid of Master Bates, and they are certainly not crying tears of affection, but how closely has anybody looked at the new owners? The early rumours suggested Bahrain based oil billionaires, but a simple Google search of GFH shows that they are anything but this.

The company have only existed since 1999 and are an Islamic bank, specialising, in their words, in "unlocking value in some of the world’s most dynamic emerging economies" and using that money "to invest in Islamic financial institutions and infrastructure projects harnessing the enormous potential offered by the region’s dynamic economies".

Interesting. The statement made yesterday did in fact mention Leeds United's heritage but the words "a rich history " were employed. A Freudian slip of the keyboard perhaps. That apart, the statement was all about the money that the merchant bankers (and the rhyming slang is important) aim to make out of the club. The statement read:

“Football teams in England have recently received a significant revenue boost due to the renegotiation of broadcasting rights and it is expected from next season each team in the Premier League will receive a minimum of GBP 60m per season due to the increase in broadcasting right.
LUFC would also benefit from this if it can achieve promotion to the Premier League.”

Now the good news for Leeds fans is that to untap that financial potential, Leeds have to win promotion, but the bad news is that, like Bates, the new owners appear primarily focused on using the club as a cash cow. And where will the money go? Into Islamic projects by the sound of it, some way away from Leeds or even Bradford. Look at their proud portfolio:

"GFH has established some of the region’s leading financial institutions including First Energy Bank, the world’s first Islamic investment bank focused exclusively on the energy sector. Other financial institutions founded by GFH include Khaleeji Commercial Bank in Bahrain, QInvest in Qatar, Arab Finance House in Lebanon, First Leasing Bank in Bahrain and Asia Finance Bank in Malaysia.

Flagship infrastructure projects include GFH’s Financial Harbours in the Kingdom of Bahrain and Tunisia, Energy Cities in Qatar, Libya and India, which are complemented by as well as innovative lifestyle developments such as the Royal Ranches of Marrakech in Morocco. GFH also led the conception and delivery of Jordan’s biggest commercial infrastructure project, the Jordan Gate in Amman."

All a long way from the days of Don Revie, except he also defected to the oil states of course, betraying the whole nation in the process.

This looks like a case of frying pan and fire to me. At West Ham, we know all about merchant bankers - the Icelanders looked like manna from Heaven when they arrived but we soon found out differently.

Portsmouth caught a cold too. Things have not shaken down as people hoped at Liverpool and Villa because the owners want to run the club as a profit centre, not as a hobby or because they love the club. Look at Blackburn last season too. And Leicester's experience shows that even when you throw money at it, results are not guaranteed in the Championship because you can't attract genuine quality, you just end up with former Leeds strikers who looked good in the third tier of English football.

The take over looks good news but it may be too early to be celebrating just yet, especially as the role of Bates in the new regime has not yet been confirmed. The old sod may have the last laugh on Leeds fans yet.