Leeds United group sets deadline for 49ers Enterprises commitment amid ownership confidence - YEP 27/6/23
Leeds Fans Utd are seeking a written commitment to fan ownership from 49ers Enterprises by the end of the year or they will begin to refund 90 per cent of members' investments, but insist they are confident their aim will be met.
By Graham Smyth
The scheme was set up eight years ago with the goal of
obtaining a level of fan ownership at Leeds United through a stake in the club.
Leeds Fans Utd first reached an agreement in principle with
former owner Massimo Cellino in 2015 to buy a majority stake but the Italian
later decided against selling to them. Two years later Leeds, owned by Andrea
Radrizzani, announced they had agreed heads of terms to pave the way for
supporter investment. A July 2019 statement then confirmed that the investment
would 'kick-start' plans for a brand new training facility but the unveiling of
those plans would be put back to the club's centenary year - 2020. The delay
led to investors in Leeds Fans United being afforded an opportunity to withdraw
their money.
Two years later however it emerged that Leeds no longer
planned to build a training ground at the former Matthew Murray High School
site, because expanding Elland Road was a more immediate priority, although
redevelopment of the stadium has not yet begun.
With Leeds on the verge of another change in ownership,
Leeds Fans Utd have updated their members on their relationship with the
incoming owners and the plan to try and bring their eight-year campaign to a
successful conclusion.
The update read: "We have been engaged with Leeds
United for a number of years now, pressing for fans to get shares in the club.
We have had many positive discussions with them and also the 49ers, but these
have never translated into concrete actions to achieve our goal. We are
confident that this situation will change with the 49ers in full control.
"LFU has now been trying for 8 years to achieve its aim
– far longer than originally envisaged. Our shareholders have been incredibly
patient but this change of ownership is, we believe, the point at which to move
forward towards this goal, or to accept that it simply isn’t going to be
possible. We appreciate that the new owners will have many other priorities but
we will be looking for them to make a written commitment before the end of this
year to work with us. In the absence of this we will begin the process of
returning to shareholders 90% of their original investment and of winding up
the project.
"The 49ers have big issues to settle at the club just
now and we will respect their need to focus on those matters; we feel that
there will be no new information for members until the start of the season and
have pencilled in September for the date of the next AGM."
Leeds Fans Utd chairman Brendan Meehan believes 49ers
Enterprises could yet pave the way for a fan-owned stake in Leeds United but
for the time being there are more crucial matters for the Stateside investment
group to attend to.
"We're very hopeful that the new ownership will bring
positive developments at the club, including in the areas of fan engagement and
fan share ownership," he told the YEP.
"This positivity is based on our past engagements with
the club and with them but time will tell. We need to give the 49ers the room
to deal with more pressing issues for the moment."
49ers Enterprises are in the midst of lining up a head coach
and working in the background on their initial recruitment plans but say EFL
ratification of their takeover must come first.