Leeds have announced the EFL has approved the club’s takeover by American investment group 49ers Enterprises.
Chairman and majority shareholder Andrea Radrizzani agreed to sell his controlling stake last month and the deal, which valued the club at around £170million, 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, while the deal 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 ahead of the coming season’s bid to secure an immediate return to the Premier League following relegation in May.
Marathe said in a Leeds 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 Americans 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.”
Radrizzani completed a full takeover from fellow Italian Massimo Cellino in 2017 and was initially hugely popular.
He bought back Elland Road stadium, which had been in private ownership since 2004, and brought in fresh investment when 49ers Enterprises purchased its first 10 per cent stake in 2018.
The appointment of Marcelo Bielsa soon after proved a masterstroke as Leeds won promotion back to the Premier League for the first time in 16 years.
But Radrizzani’s relationship with the Leeds fan base began to sour when Bielsa was sacked in February 2022.
Leeds escaped relegation on the final day of the 2021-22 season and Radrizzani promised that the club would not be involved in another survival fight.
But results this past season failed to improve under three different managers. Jesse Marsch and Javi Gracia were both sacked, while Sam Allardyce left after his four-game rescue mission ended in failure.
When relegation was confirmed with a final-day defeat to Tottenham, Radrizzani was absent from Elland Road, opting instead to remain in Italy to finalise his takeover of Sampdoria.
He later admitted Leeds’ board had made mistakes and apologised for the club’s relegation in a personal statement posted on social media.
But after it emerged he had offered to use Elland Road as collateral when securing a £26m bank loan to buy Sampdoria – one of his companies and not Leeds owned the stadium – his legacy was further tainted.
Southampton 3-1 West Brom (3-1 agg): Saints set up play-off final with Leeds United
Southampton saw off West Brom 3-1 at St Mary's on Friday to set up a Championship play-off final showdown with Leeds United.
Leeds thumped Norwich City 4-0 at Elland Road 24 hours earlier to book their place at Wembley, where Southampton now await on May 26.
The first leg between the Saints and West Brom finished goalless - just like the other semi-final - but the home side's quality told in the end.
Russell Martin's side dominated the first-half possession, with David Brooks going closest to scoring with a shot that hit the outside of the post.
Southampton made the breakthrough via a powerful Will Smallbone finish four minutes into the second half after Gray Diangana lost possession.
Darnell Furlong had a shot helped over by Alex McCarthy, while David Brooks - who assisted the opener - had a strong penalty appeal rejected.
Southampton remained in control, though, and Adam Armstrong scored a second with a shot through Furlong's legs and past Alex Palmer.
Armstrong's second goal arrived from the penalty spot in the 86th minute after Tom Fellows fouled Ryan Manning in the box, rendering Cedric Kipre's late header a mere consolation.
Al-Nassr 1-1 Al-Hilal: Mitrovic scores last-gasp penalty
Aleksandar Mitrovic scored a penalty in the 10th minute of second-half stoppage time as Al-Hilal denied Cristiano Ronaldo's Al-Nassr victory in a 1-1 draw.
Mitrovic netted his 27th Saudi Pro League goal of the campaign after Sadio Mane was harshly judged to have fouled Saud Abdulhamid in the area.
Mane stuck out an arm to shield the ball, catching his opponent in the throat, though the contact appeared to have been outside of the box.
Mitrovic made no mistake to keep Al-Hilal's unbeaten campaign going.
The Serbian's spot-kick cancelled out Otavio's first-minute opener, with Ronaldo having set up his compatriot.
Champions Al-Hilal remain 12 points clear of Al-Nassr at the summit of the Pro League standings.
Data Debrief: Ronaldo the provider
Ronaldo leads the scoring charts in Saudi Arabia this season, though he had to settle for an assist on Friday.
That came from the only chance he created, with the 39-year-old limited to 25 touches, though he did have four shots.
Leeds' belief never wavered as Wembley beckons
Ethan Ampadu said Leeds United's players never let their belief waver despite a poor end to their Championship campaign, with a trip to Wembley now coming up.
Leeds will face either Southampton or West Brom in the play-off final on May 26 after thrashing Norwich City 4-0 at Elland Road on Thursday.
The Whites endured a miserable end to their campaign, losing 4-0 at Queens Park Rangers before going down at home to Southampton on the final day, as Ipswich Town claimed automatic promotion behind Leicester City.
But after their emphatic defeat of the Canaries, who they drew with 0-0 in the first leg, Ampadu claimed Leeds never lost their way.
"Towards the end of the season there was a lot of talk about how we were playing, how we weren't on the front foot, how we weren't aggressive or clinical," he told Sky Sports.
"But we always had our belief that on our day, when we are firing, we can be hard for anyone to play against.
"When the front four, five, six play like that, they make the job of us defenders a lot easier.
"Whoever we play in the final it's going to be a hard game but to go in like this, to put in a performance like this, we can take momentum and confidence into it.
"The fans were second to none and we enjoyed their support – now we are going to prepare for the big one."
Georginio Rutter scored one and set up another in the rout, and he put the onus on Leeds to replicate the same level at Wembley.
"It's incredible. Today we go to Wembley," he said.
"We played a good game. I'm happy, everybody is happy. One more game and we will see.
"We played very good. 4-0 is a clean sheet. Today, we were mature. It's a very good performance from the team.
"I want to try my best and help the team. If we play like this [at the final], we have a good chance but we have to play like this."
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