Andrea Radrizzani sells Leeds to 49ers
The chairman Andrea Radrizzano sells Leeds to 49ers for £170m from his stake in the relegated club to co-owners 49ers Enterprises.
The Investement arm of the San Francisco 49ers purchased a 15% stake in Leeds in2018 and Increased to 44% in 2021. Italian Radrizzani bought Leeds outright for £45m in 2017, but his stake has dropped to 56% since then.
Managerless Leeds were relegated from the Premier League on the final day and are preparing for the Championship. On their match with Liverpool, Leeds was defeated badly with the score of 6-1 on the premier league premises.
The previous agreement, which depended on their top-flight survival, was worth about £400m – but negotiations restarted following their drop to the second tier.
A club statement read: “Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club. It was like another match Fulham had a victory over Leeds United with 2-1 as Andreas Pereira and Illan Wilson strikes for the their club victory.
“Both parties continue to work through the details, and further updates will be provided soon. All of our focus remains on a quick return to the Premier League.”
After their relegation was confirmed, Leeds United Supporters Club released a statement saying Radrizzani was “no longer an appropriate person to own Leeds United”.
“His behaviour is appalling and he risks never being welcome at our club again,” it added.”The sooner he goes the better and we look forward to the 49ers Enterprises offer being accepted. The only way he can begin to salvage his reputation is through an immediate sale of the club and the stadium.”
Radrizzani was popular with Leeds fans initially, with Marcelo Bielsa taking them back into the Premier League. But the relationship soured after he sacked the Argentine, and he did not attend their final game, a defeat by Tottenham which sealed their relegation, where fans chanted for him to leave.
As a result the American investment group, owner of NFL franchise the San Francisco 49ers and a minority shareholder in Leeds since 2018, will take full ownership. Similarly The takeover of the Man utd club bid is improved as Sheikh Jassim submitted his fifth offer to the Glazer family.
“Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club,” said a statement.
“Both parties continue to work through the details, and further updates will be provided soon. All of our focus remains on a quick return to the Premier League.”
49ers Enterprises increased its stake in Leeds to 44 percent in 2021 with the option of buying Radrizzani’s remaining 56 percent before January 2024. That agreement, which had valued Leeds at around £400 million ($500 million), was contingent on the club remaining in the Premier League.
Leeds’ relegation last month forced both parties back into negotiations with the deal now reportedly worth a valuation of just £170 million.
Italian businessman Radrizzani bought Leeds in 2017 and helped lead the club back to the Premier League for the first time in 16 years as the appointment of Marcelo Bielsa as manager proved a masterstroke.
However, after just three years back in the top flight, Leeds will find themselves in the Championship next season after finishing 19th in the Premier League.
49ers Enterprises commitments on buying the club
49ers Enterprises reportedly committed to buy Leeds at an evaluation of about $213 million, a number that dropped significantly after Leeds was relegated out of the Premier League earlier this year. Had the club remained in the top flight, per The Athletic, the valuation would have been closer to about $500 million.
Radrizzani has been the majority shareholder of Leeds since 2017. He has since purchased a controlling stake in Italian club Sampdoria.
Among the new minority owners in the 49ers ownership group include New Orleans Pelicans forward Larry Nance Jr. and Indiana Pacers guard T.J. McConnell.
49ers Enterprises president Paraag Marathe is expected to take over as Leeds chairman, per The Athletic. Marathe has served as the vice-chairman since 2011. Angus Kinnear is expected to remain as the team’s chief executive. Full ownership of Elland Road stadium is expected to pass to the 49ers Enterprises group, too.
49ers Enterprises first joined Leeds as a shareholder in 2018. It increased its share of the club to just more than 30% in 2020, and then most recently to 44%.
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 their reach outside of the NFL. The two teams are still very much separate.
