Leeds United chairman Andrea Radrizzani has agreed a £170m deal to sell his stake in the reorganized club to co-owners 49ers Enterprises.
The investment arm of the San Francisco 49ers bought a 15% stake in Leeds in 2018 and increased that to 44% in 2021.
Italian Redrizzani bought Leeds for £45m in 2017, but their stake has since fallen to 56%.
Manager-less Leeds were relegated from the Premier League on the final day and are preparing for the Championship.
The previous deal, which hinged on their top-flight survival, was worth around £400million – but negotiations resumed after they were relegated to the second tier.
A club statement read: “Leeds United can confirm that an agreement has been reached between Aser Ventures and 49ers Enterprises to purchase the club.
“Both parties are continuing to work out the details, and further updates will be provided shortly. Our full focus is on a quick return to the Premier League.”
After the relegation was confirmed, the Leeds United Supporters’ Club released a statement saying Redarzani was “no longer a suitable person to be the owner of Leeds United”.
“His behavior is appalling and he is in no danger of ever being welcome at our club again,” he added. “The sooner he goes the better and we look forward to accepting the offer from 49ers Enterprises. The only way they can save our reputation is through an immediate sale of the club and stadium.”
Radrizzani was initially popular with Leeds fans, with manager Marcelo Bielsa bringing him back to the Premier League. But relations soured after the Argentine was sacked, and he did not feature in their final game, a defeat by Tottenham that sealed their relegation as fans chanted for his departure.
His Acer holding company recently bought a stake in Italian side Sampdoria.
This deal should be good for the club – analysis
The news comes as Sampdoria confirmed that Radrizzani had joined the club, which had just been relegated to Serie B.
The brutal truth is that Radrizzani, charismatic as he is, really lacks the funds to propel Leeds to the Premier League like the 49ers.
It was hoped that they could survive this term again but ultimately, they were not good enough and not even interim boss Sam Allardyce could save them.
However, while no one would choose to give up because of uncertainty, it need not lead to disaster under the circumstances.
Allardyce left, just like director of football Victor Orta had gone before him. In terms of recruitment, Leeds are starting with a clean slate.
What they are not starting with in the Championship is a level playing field. Given the parachute payments and their huge fan base, quite frankly, it would look very bad if Leeds didn’t go straight back.
The same could be said of Leicester and Southampton, which put the real pressure on the two clubs who were relegated in 2021-22 and did not return straight – Norwich and Watford.
There are structural issues to address around Elland Road, which will be expensive to modernize but badly needed. On the pitch, however, the deal should bode well for the club.
