Leeds United announce EFL approval of takeover by 49ers Enterprises
Andrea Radrizzani agreed to sell his controlling stake last month
Last updated 18th Jul 2023
Leeds United are now owner by 49ers Enterprises after the EFL approved the takeover.
Chairman and majority shareholder Andrea Radrizzani agreed to sell his controlling stake last month and the deal has now been confirmed.
49ers Enterprises, which owns NFL franchise the San Francisco 49ers, has steadily increased its stake in Leeds since becoming a minority shareholder in 2018. The deal also includes full ownership of Elland Road.
Paraag Marathe, previously vice-chairman, will take over as chairman, chief executive Angus Kinnear will remain in his current position and Rudy Cline-Thomas, founder and managing partner of venture capital firm MASTRY, will join the board as co-owner and vice-chairman.
Former Norwich boss Daniel Farke was appointed manager on a four-year deal earlier this month.
Marathe said in a statement:
"This is an important 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 highly-respected first-team manager with a track record of success, and we are confident Leeds will field a competitive squad to contend for promotion next season.
"It's a privilege to carry this torch as I know we have a responsibility to ensure this club makes our staff, players, supporters and the Leeds and Yorkshire communities proud."
Cline-Thomas said:
"With my family hailing from Leeds, it's an honour to be able to uplift this incredible community.
"This is more than just an opportunity, it's a personal mission. The chance to reinvigorate the cherished Leeds culture, to create a platform that attracts the world's finest players, and build a truly global brand that celebrates diversity, is a prospect that thrills me."
49ers Enterprises increased its stake in Leeds to 44 per cent in 2021 with the option of buying Radrizzani's remaining 56 per cent before January 2024.
The American group had been keen to push through a full takeover this summer, but that agreement, which had valued Leeds at around £400million, was contingent on the club remaining in the Premier League.
Leeds' relegation forced both parties back into intense negotiations and a valuation of close to £170m was agreed.
The deal marks the end of a six-year ownership of Leeds for Radrizzani, who said:
"It has been an honour to guide Leeds United...and to spend so much time with the best fan base in the world.
"49ers Enterprises have been fantastic partners for years and I'm confident they will take Leeds to the next level."