Leeds have introduced the EFL has authorized the club’s takeover by way of American funding team 49ers Enterprises. The chairman and majority shareholder, Andrea Radrizzani, agreed to promote his controlling stake closing month and the deal, which valued the membership at round £170million, has now been confirmed.
49ers Enterprises, which owns NFL franchise the San Francisco 49ers, has regularly elevated its stake in Leeds seeing that turning into a minority shareholder in 2018, whilst the deal consists of full possession of Elland Road. Paraag Marathe, formerly vice-chairman, will take over as chairman, chief government Angus Kinnear will continue to be in his present day role and Rudy Cline-Thomas, founder and managing associate of task capital company Mastry, will be part of the board as co-owner and vice-chairman.
The former Norwich supervisor Daniel Farke used to be appointed as Leeds supervisor on a four-year deal before this month earlier than a season in which the membership hope to impervious an on the spot return to the Premier League following relegation in May.
Marathe stated in a Leeds statement: “This is an necessary second for Leeds United and we are already challenging at work. This transition is a essential reset to chart a new direction for the club.
“We have already appointed a highly-respected first-team supervisor with a tune report of success, and we are assured Leeds will area a aggressive squad to contend for promoting subsequent season.
“It’s a privilege to raise this torch as I understand we have a accountability to make sure this membership makes our staff, players, supporters and the Leeds and Yorkshire communities proud.”
Cline-Thomas said: “With my household hailing from Leeds, it’s an honour to be capable to uplift this awesome community. This is extra than simply an opportunity, it’s a non-public mission. The threat to reinvigorate the cherished Leeds culture, to create a platform that attracts the world’s best players, and construct a truely world company that celebrates diversity, is a prospect that thrills me.”
49ers Enterprises improved its stake in Leeds to 44% in 2021 and have the alternative of shopping for Radrizzani’s last 56% earlier than January 2024.
The Americans had been eager to push via a full takeover this summer, however that agreement, which had valued Leeds at round £400million, was once contingent on the membership closing in the Premier League.
Leeds’ relegation compelled each events lower back into severe negotiations and a valuation of shut to £170m was once agreed.
The deal marks the cease of a six-year possession of Leeds for Radrizzani, who said: “It has been an honour to information Leeds United … and to spend so an awful lot time with the satisfactory fan base in the world.
“49ers Enterprises have been gorgeous companions for years and I’m assured they will take Leeds to the subsequent level.”
Radrizzani done a full takeover from fellow Italian Massimo Cellino in 2017 and was once originally massively popular.
He sold again Elland Road stadium, which had been in personal possession due to the fact that 2004, and introduced in sparkling funding when 49ers Enterprises purchased its first 10 per cent stake in 2018.
The appointment of Marcelo Bielsa quickly after proved a masterstroke as Leeds received merchandising returned to the Premier League for the first time in sixteen years.
But Radrizzani’s relationship with the Leeds fan base commenced to bitter when Bielsa was once sacked in February 2022. Leeds escaped relegation on the closing day of the 2021-22 season and Radrizzani promised that the membership would no longer be worried in any other survival fight.
But effects this previous season failed to enhance underneath three exceptional managers. Jesse Marsch and Javi Gracia had been each sacked, whilst Sam Allardyce left after his four-game rescue mission ended in failure.
When relegation used to be proven with a final-day defeat to Tottenham, Radrizzani was once absent from Elland Road, opting as a substitute to stay in Italy to finalise his takeover of Sampdoria.
He later admitted Leeds’ board had made errors and apologised for the club’s relegation in a non-public assertion posted on social media.
But after it emerged he had provided to use Elland Road as collateral when securing a £26m financial institution mortgage to purchase Sampdoria – one of his agencies and no longer Leeds owned the stadium – his legacy used to be similarly tainted.