Leeds United: 49ers Enterprises Stride Ahead with Grand Takeover from Andrea Radrizzani

Leeds United have received approval from the EFL for the sale of the club to 49ers Enterprises, an American investment group.

Last month, Andrea Radrizzani, the chairman and majority shareholder since 2017, agreed to sell his controlling stake in the club. The deal has valued the club at approximately £170m.

49ers Enterprises, the owner of the San Francisco 49ers NFL franchise, has been gradually increasing its ownership in Leeds since becoming a minority shareholder in 2018. Paraag Marathe, formerly the vice chairman, will assume the role of chairman. Angus Kinnear, the chief executive, will retain his current position, and Rudy Cline-Thomas, the founder and managing partner of MASTRY, a venture capital firm, will join the board as co-owner and vice chairman.

"This is a critical juncture for Leeds United and we are actively engaged in the process," stated Marathe. "This transition serves as a vital opportunity to establish a fresh direction for the Club.

"We have already taken the step of appointing an esteemed First Team Manager who has a proven history of achievement, and we are optimistic that Leeds will assemble a formidable team that will strive for promotion in the upcoming season. It is a true honor to bear this responsibility, recognizing our duty to uphold the pride of our staff, players, supporters, as well as the communities of Leeds and Yorkshire."

Golfers Jordan Spieth and Justin Thomas, both champions in their own right, have recently acquired shares in 49ers Enterprises. This move comes as 49ers Enterprises has raised its ownership to 44 percent of Leeds, with the potential to obtain the remaining 56 percent from Radrizzani by January 2024.

The Americans were eager to complete a complete takeover during the summer. However, this agreement was dependent on Leeds staying in the Premier League and was valued at approximately £400m. Following Leeds' relegation last month, both parties engaged in intense negotiations, resulting in an agreed valuation of nearly £170m.

The completion of the deal signifies the conclusion of Radrizzani's six-year tenure as the owner of Leeds. In 2017, he successfully acquired complete control from fellow Italian Massimo Cellino, a move that garnered significant support initially.

Furthermore, Radrizzani reclaimed ownership of the Elland Road stadium, which had been privately owned since 2004. Additionally, he facilitated new investment by securing a 10 per cent stake from 49ers Enterprises in 2018.

The appointment of Marcelo Bielsa proved to be a stroke of genius as Leeds triumphantly returned to the Premier League after a 16-year absence. As time went on, 49ers Enterprises gradually acquired a larger share, and Radrizzani's connection with the Leeds fanbase started to deteriorate when Bielsa was dismissed in February 2022.

Leeds narrowly avoided relegation in the last match of the 2021-22 season under the new manager Jesse Marsch, who took over from Bielsa. Radrizzani, the club's owner, assured that they would not have to struggle for survival again. However, the team's performance did not improve in the following season, and despite the changes in management with Javi Gracia and later Sam Allardyce, who took charge for the last four games, they were unable to stop the decline.

Radrizzani was not present at Elland Road when their relegation was confirmed on the final day with a defeat to Tottenham. Instead, he chose to stay in Italy to finalize his takeover of Sampdoria. Later, he acknowledged the board's mistakes and issued a personal statement on social media, apologizing for Leeds' relegation.

However, his reputation took an even bigger hit when it was revealed that he had used Elland Road as collateral while obtaining a £26m bank loan to purchase Sampdoria. This raised concerns as the stadium did not belong to Leeds, but rather one of his own companies.