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.
The former Norwich manager Daniel Farke was appointed as Leeds manager on a four-year deal earlier this month before a season in which the club hope 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.”
Borussia Dortmund v Borussia Mönchengladbach – Bundesliga
DORTMUND, GERMANY – MAY 13: Head Coach Daniel Farke of Moenchengladbach looks on prior to the Bundesliga match between Borussia Dortmund and Borussia Mönchengladbach at Signal Iduna Park on May 13, 2023 in Dortmund, Germany. (Photo by Edith Geuppert – GES Sportfoto/Getty Images)
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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% in 2021 and have the option of buying Radrizzani’s remaining 56% 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.”