Leeds United are finally set for new ownership after talks over the past 24 hours sealed an agreement for Andrea Radrizzani to sell his majority stake in the club to 49ers Enterprises.
The two sides publicly announced a deal on Friday, allowing 49ers Enterprises to begin the process of officially ratify its long-awaited buy-out.
The formal completion of its takeover is likely to take a number of weeks while legalities are handled and the group seeks EFL approval of the deal.
Various individuals involved in 49ers Enterprises’ investment group will be required to pass the EFL’s Owners’ and Directors’ Test before the purchase goes through.
But confirmation that the US fund will acquire full control of Leeds from Radrizzani should free the club to start work on the football front and actively implement initial plans.
A Leeds statement read: “Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club.
“Both parties continue to work through the details, and further updates will be provided soon. All of our focus remains on a quick return to the Premier League.
“Thank you for your continued support. Marching on Together.”
Leeds, who were relegated from the Premier League a fortnight ago, are looking to appoint a new head coach and are also in the market for a replacement for Victor Orta, who left the role of director of football last month.
The process of making appointments has been on hold during complex and protracted attempts by Radrizzani and 49ers Enterprises to agree a final price for the Italian’s 56 per cent shareholding.
The club’s value has dropped sharply as a result of relegation to the Championship, leading 49ers Enterprises to commit to an overall valuation of £170m. Had Leeds remained in the top flight, that figure would have been closer to £400m.
Radrizzani, the 48-year-old businessman who has been majority shareholder at Elland Road since his own buy-out in 2017, has been under intense pressure to exit Leeds after the club’s three-year stay in the Premier League ended with a 19th-placed finish on May 28.
Talks with 49ers Enterprises were complicated by Radrizzani’s ongoing effort to secure control of Italian club Sampdoria but negotiations moved forward earlier this week and agreement on all sides was reached late yesterday evening.
The announcement of a deal in principle effectively brings Radrizzani’s six-year reign to an end and will see him sever all ties with Leeds. Full ownership of Elland Road stadium – bought by Radrizzani in 2017 – will pass to 49ers Enterprises as part of the buy-out.
49ers Enterprises president Paraag Marathe, who has been vice-chairman of Leeds since 2021, is expected to take over as chairman, with existing chief executive Angus Kinnear remaining in post.
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The completion of a takeover by 49ers Enterprises would, according to those with knowledge of its intentions for Leeds, result in an increased close-season budget as part of the US group’s plan to inject funds into the club and avoid more than 12 months outside the Premier League.
Despite the tight turnaround before next season starts, there is optimism that a buyout can facilitate a concerted promotion push, and the buyout is firmly on track after a week of wrangling.
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(Photo: Getty Images)
