49ers Enterprises complete Leeds United takeover - The Athletic 17/7/23
By Phil Hay
Leeds United are under new ownership after the English
Football League (EFL) approved the sale of the club to 49ers Enterprises.
49ers Enterprises taking full control of Leeds brings to an
end Andrea Radrizzani’s time at Elland Road, where he has been the majority
shareholder since 2017.
The two sides publicly announced a deal in June, allowing
49ers Enterprises to begin the process of officially ratifying its long-awaited
buy-out.
Paraag Marathe, previously vice chairman and board member of
the board, will take over as club chairman.
Rudy Cline-Thomas, a member of the investment group, will
join the board as co-owner and vice-chair and Angus Kinnear remains CEO.
“This is an important moment for Leeds United and we are
already hard at work,” said Marathe. “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.”
49ers Enterprises is the investment arm of NFL franchise San
Francisco 49ers and the consortium taking charge of Leeds consists of around 10
major investors, with numerous smaller parties also committed in a more minor
capacity.
On the playing side, Daniel Farke was appointed as the
club’s new manager earlier this month to replace Sam Allardyce, who departed at
the end of the 2022-23 season.
In early May, director of football Victor Orta left with
outgoing Tottenham Hotspur performance director Gretar Steinsson set to be
named in a senior recruitment role at Elland Road.
Leeds finished 19th in the Premier League and were relegated
to the Championship, with Jesse March, Javi Gracia and Allardyce all unable to
get a tune out of the squad.
Radrizzani brought 49ers Enterprises in as a 10 per cent
shareholder in 2018 and the US group’s stake in Leeds rose to 37 per cent and
then to 44 per cent by the end of 2021.
49ers Enterprises initially secured an option to buy Leeds
in full in January 2024 in a deal that would have valued the club at around
£500million ($623m).
The group, however, was forced to negotiate a lower price
and strike a fresh agreement with Radrizzani following relegation from the
Premier League.
