Leeds United are finally on the verge of a new owner after talks over the last 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 that allowed 49ers Enterprises to begin officially ratifying its long-awaited buyout.
The formal completion of the acquisition is expected to take a few weeks before the legal aspects are settled and the group seeks EFL approval for the deal.
Various individuals involved in the 49ers Enterprises investment group must pass the EFL’s ownership and director test before the purchase goes through.
But confirmation that the US fund will take full control of Leeds from Radrizzani should free the club to start working on the football front and actively implement initial plans.
A statement from Leeds said: “Leeds United can confirm that an agreement has been reached between Aser Ventures and 49ers Enterprises to purchase the club.”
“Both parties continue to work on the details and further updates will be provided shortly. Our whole focus remains on a quick return to the Premier League.
“Thank you for your continued support. March on together.”
Leeds, who were relegated from the Premier League two weeks ago, are looking to appoint a new head coach and are also looking to replace Victor Orta, who gave up the position of director of football last month.
The process of the appointment has been put on hold due to complex and lengthy attempts by Radrizzani and 49ers Enterprises to agree on a final price for the Italian’s 56 per cent stake.
The club’s value has fallen sharply as a result of being relegated to the Championship, leading 49ers Enterprises to list a total value of £170m. Had Leeds stayed in the top flight that amount would have been closer to £400m.
Radrizzani, the 48-year-old businessman who has been the majority shareholder of Elland Road since his own buyout in 2017, was under intense pressure to leave Leeds after the club’s three-year stint in the Premier League ended in 19th. placed goal on May 28th.
Talks with 49ers Enterprises have been complicated by Radrizzani’s ongoing efforts to secure control of Italian club Sampdoria, but negotiations advanced earlier this week and an agreement was reached by all sides late in the evening.
The announcement of a deal in principle ends Radrizzani’s six-year tenure and will see him sever all ties with Leeds. Full ownership of Elland Road Stadium, which Radrizzani bought in 2017, will pass to 49ers Enterprises as part of the acquisition.
Paraag Marathe, president of 49ers Enterprises, who has been Leeds vice-chairman since 2021, is expected to take the chair, while incumbent chief executive Angus Kinnear remains in office.
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The completion of a takeover by 49ers Enterprises would result in an increased budget for the final season as part of the US group’s plan to inject funds into the club and a hiatus of more than 12 months, according to those with knowledge of the intentions for Leeds to avoid Premier League.
Despite the narrow turnaround before the start of next season, there is optimism that a buyout can provide a concerted push for promotion, and the buyout is firmly on track after a week of scrambling.
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(Photo: Getty Images)