The Bahraini investment bank said it would use the proceeds to repay an outstanding Sukuk; to undertake business acquisitions; for financial consolidation; and for project development in Bahrain and Dubai.

The bank and associates continue to hold a 25 per cent interest in the Championship club, but sold a majority stake to Italian entrepreneur Massimo Cellino earlier this year.

Gulf Finance House is the parent company of GFH Capital which led a takeover of Leeds United at the end of 2012.