Leeds United's Chris Moore battles Manchester United's Charlie Wellens for possession during a pre-season friendly. Photo: Getty Images
Leeds announced that the EFL has approved a takeover of the club by American investment group 49ers Enterprises.
Chairman and majority shareholder Andrea Radrizzani agreed to sell his majority stake last month, in a deal that the club was valued at around £170 million, now confirmed.
49ers Enterprises, which owns the NFL San Francisco 49ers franchise, has steadily increased its stake in Leeds since becoming a minority shareholder in 2018, while the deal includes full ownership of Elland Road. .
Paraag Marat, formerly Vice Chairman, will take over as Chairman, Chief Executive Angus Kinnear will remain in his current position, and Rudy Kline-Thomas, Founder and Managing Partner at venture capital firm MASTRY, will join the Board of Directors as co-owner and assistant. -Chairman.
Former Norwich boss Daniel Farke was appointed manager on a four-year deal earlier this month, ahead of a bid for the upcoming season, to ensure an immediate return to the Premier League after being relegated in May.
Marat said in a statement Leeds »: «This is a big moment for Leeds United and we are already hard at work.
“This transition is a necessary reset to chart a new course for the club. We have already appointed a respected first team manager with a successful track record and we are confident that Leeds will field a competitive squad that will challenge for promotion next season.
“I am honored to carry this torch as I know we have a responsibility to make sure our staff, players, supporters and communities in Leeds and Yorkshire are proud of this club.»
Cline-Thomas said: «Because my family is from Leeds it is an honor to have an opportunity to uplift this incredible community.
“This is more than just an opportunity, this is a personal mission. The opportunity to revive Leeds' cherished culture, create a platform that attracts the world's best players, and create a truly global brand that celebrates diversity is a prospect that excites me.»
Andrea Radrizani agreed to sell his stake last month. Credit: Getty Images
49ers Enterprises has increased its stake in Leeds to 44% in 2021 with an option to buy the remaining 56% from Radrizzani by January 2024.
This summer the Americans were aiming for a complete takeover, but the agreement, which valued Leeds at around £400m, was contingent on the club remaining in the Premier League.
Leeds' relegation forced both the parties return to tense negotiations and a valuation of around £170m was agreed upon. .
The deal marks the end of a six-year Leeds tenure for Radrizzani, who said: «It has been an honor to run Leeds United… and spend so much time with the best fans in the world.»
«49ers Enterprises already has been a great partner for many years and I am sure they will take Leeds to the next level.”
Radrizzani completed a complete takeover of his Italian colleague Massimo Cellino in 2017 and is initially very popular.
He bought out Elland Road, which had been privately owned since 2004, and raised new investment when 49ers Enterprises acquired its first 10% stake in 2018.
The appointment of Marcelo Bielsa proved successful shortly thereafter . a masterstroke as Leeds returned to the Premier League for the first time in 16 years.
But Radrizzani's relationship with the Leeds fans soured when Bielsa was sacked in February 2022.
Leeds avoided relegation on the last day of the 2021-22 season, with Radrizani promising the club will not be in another battle for survival.
But last season's results have not improved under three different managers. Jesse Marsh and Javi Gracia were both sacked and Sam Allardyce left after his four-game rescue mission ended in failure.
When relegation was confirmed by a defeat to Tottenham Hotspur on the final day, Radrizzani was out for « Elland Road. , opting instead to stay in Italy to complete the takeover of Sampdoria.
He later admitted that the Leeds board had made mistakes and apologized for the club's relegation in a personal statement posted on social media.
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