Leeds United have announced that the EFL has approved their club’s takeover by an American investment group named 49ers Enterprises.
Andrea Radrizzani, who is the chairman and majority shareholder, reached an agreement to sell his stake last month.
The said controlling stake, valued the club at around £170million, has been confirmed and the American group are new owners.
49ers Enterprises, which also owns NFL franchise the San Francisco 49ers, have been moving up with its stake in Leeds United since becoming a minority shareholder in 2018.
The Previous vice-chairman, Paraag Marathe, is set to take over as Chairman, while 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.
Daniel Farke was appointed as new manager on a four-year deal earlier this month ahead of the coming season’s bid to ensure a return to the Premier League after they were relegated in May.
In a statement released by Leeds United, Marathe said: 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 also added: “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.”
The American group 49ers Enterprises increased its stake in Leeds to 44% in 2021 with the option of buying Radrizzani’s remaining 56% before January 2024.
The enterprise had been keen to push through a full takeover this summer, but that agreement, which had valued Leeds at around £400million, was dependent on the club remaining in the Premier League.
Radrizzani also added: “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 United to the next level.”
The English club, though relegated, play their home matches at Elland Road and compete in the Championship, the second tier of the English football league system.
Leed’s traditional kit colours are white shirts, white shorts and white socks and their badge features the White Rose of York, which is a symbol of Yorkshire.
The clubs Anthem is “Marching on Together” and is regularly sung by supporters.
The San Francisco 49ers are owned almost entirely by Denise and John York, and their son, Jed, is the team’s CEO.
The York Family launched 49ers Enterprises as an investment arm to expand its reach outside of the NFL.