A Bahraini investment bank is working on a deal to buy England's Leeds United Football Club, in what could be the latest acquisition of a European soccer team by oil-rich Gulf investors.

Gulf Finance House, an Islamic investment bank from the tiny Gulf island state, said on Thursday one of its Dubai-based subsidiaries will "lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC." A person familiar with the matter said the transaction price would be about £50m, and that GFH Capital is acting on behalf of "investors from the Gulf," without elaborating.