The expectation of a takeover of Leeds United by 49ers Enterprises has been surrounding the club for over a year now, with the plan always being the Americans would increase their ownership stake this summer and take control of the club. The trouble is, that plan involved Leeds United being a Premier League club.
A season-long relegation battle, one which they would lose as the Whites dropped out of the top flight, has complicated matters in the Leeds ownership storyline. However, just over a week since their place in the Championship next season was rubber-stamped, the club are on the verge of seeing an ownership change. We take a look at the latest developments.
Who owns Leeds United right now?
Nothing has changed on that point despite recent talks, it’s still Andrea Radrizzani. The only thing that has changed in the past couple of weeks is the valuation of the club now they are no longer a Premier League team. The Italian remains the majority shareholder with a 56 per cent portion of the club, while 49ers Enterprises are still sitting on the 44 per cent they reached in November 2021.
Read more: Leeds United takeover news LIVE: 49ers talks latest, Radrizzani exit and Gnonto clause
The club’s relegation to the Championship has not triggered anything automatically in the boardroom. Despite Radrizzani’s current attention on Sampdoria, he remains for now at least, the ultimate decision-maker at Elland Road.
So, what's changed this week?
Radrizzani has held detailed talks with the 49ers and in particular, Paraag Marathe, President of 49ers Enterprises and Leeds board member. Discussions on Monday are said to have been very successful and there is growing expectation that a deal that many feared could be floundering, is now pushing ahead with pace.
What was 49ers Enterprises' plan to buy the club?
Survival in Leeds' relegation fight would have allowed the American consortium to push through on their agreed deal with Radrizzani. In December 2021, The Athletic first reported a deal was in place between the two parties for 100 per cent of control to pass to 49ers Enterprises and it's understood that deal to see the ownership pass was all in place had the club stayed up. However, the sizeable drop in value and the fact the Americans are now buying a second-tier club added significant complications to a deal which needed to be re-evaluated.
What will the club be sold for?
It is difficult to say exactly what Radrizzani would have got for Leeds is they were still in the Premier League, but reports valued the club between £400m and £475m. Relegation from the top flight has seen that value fall sharply.
Football finance expert Kieran Maguire has told LeedsLive the Whites could now be worth around £150m after relegation. That’s a major drop and a lot of money Radrizzani has now seen pass him by.
Will the selling price change how much of the club is sold?
There have been suggestions Radrizzani may sell only a controlling stake in Leeds but keep hold of a significant percentage in the hope he can sell his remaining shares at a higher value if and when the club make a return to the Premier League. So far neither party has given a hint as to if this is a full takeover or not, other than that always being the original intent, although the likelihood remains that is a deal is completed it is likely to see the current owner step away completely.
When will the deal be done?
With talks understood to have progressed well on Monday and many factors of the deal in place for over 18 months, there is hope an announcement could be made within the next week.
This optimism looks to be backed up by a report from the Mail on Tuesday afternoon which claims that details of the deal are being passed over to the EFL today, who will set about ensuring all of the investors in 49ers Enterprises - which they claim totals more than 60 - comply with the Owners and Directors test.
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