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Andrea Radrizzani agrees to sell controlling Leeds stake to 49ers Enterprises
Andrea Radrizzani agrees to sell controlling Leeds stake to 49ers Enterprises
Leeds chairman Andrea Radrizzani has agreed a deal to sell his controlling stake in the club to co-owners 49ers Enterprises. 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. “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 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 last month forced both parties back into intense negotiations and a valuation of close to £170m has been agreed. The deal marks the end of Radrizzani’s six-year ownership of Leeds. He completed a full takeover from fellow Italian Massimo Cellino in 2017 and initially proved hugely popular. Radrizzani 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. 49ers Enterprises has steadily increased its stake, while Radrizzani’s relationship with the Leeds fanbase began to sour when Bielsa was sacked in February 2022. Leeds escaped relegation on the final day of the 2021-22 season under Bielsa’s successor Jesse Marsch and Radrizzani promised that the club would not be involved in another survival fight. But results this past season failed to improve and after Marsch was sacked in February, his replacement Javi Gracia and then Sam Allardyce, appointed with four games remaining, failed to halt the slide. 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. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Keely Hodgkinson sets new British record at Paris Diamond League Andy Murray targets the next step after reaching Surbiton semi-finals again French Open day 13: Djokovic reaches final as Alcaraz struggles with cramp
2023-06-10 05:16
Tesla Set for $3 Billion Boost From Ford, GM Charger Deals
Tesla Set for $3 Billion Boost From Ford, GM Charger Deals
Tesla Inc. stands to bring in as much as $3 billion by 2030 thanks to deals with Ford
2023-06-10 04:26
Macron Polishes France’s AI Agenda in Meeting With Meta, Google
Macron Polishes France’s AI Agenda in Meeting With Meta, Google
French President Emmanuel Macron met with artificial intelligence experts from Meta Platforms Inc. and Alphabet Inc.’s Google, among
2023-06-10 00:22
Tesla’s Record Run of Gains Drives $200 Billion Jump in Value
Tesla’s Record Run of Gains Drives $200 Billion Jump in Value
The clouds are finally parting for Tesla Inc. investors who stuck with the electric-vehicle maker through a rough
2023-06-09 22:47
EV maker Lordstown plans to sue Foxconn over funding dispute
EV maker Lordstown plans to sue Foxconn over funding dispute
Lordstown Motors said on Friday it plans to take legal action against investor Foxconn to ensure that the
2023-06-09 19:57
US companies face less pressure for climate and social reforms
US companies face less pressure for climate and social reforms
By Ross Kerber Shareholder support for proxy resolutions on topics including climate change and workforce diversity dropped significantly
2023-06-09 19:29
China Central Bank Governor Reiterates Stable Policy Stance
China Central Bank Governor Reiterates Stable Policy Stance
China’s central bank will keep monetary policy targeted and ensure credit growth is stable, Governor Yi Gang said,
2023-06-09 18:18
GM Will Join Tesla's EV Charging Network in Step Closer to US Industry Standard
GM Will Join Tesla's EV Charging Network in Step Closer to US Industry Standard
General Motors Co. will adapt its electric vehicles to Tesla Inc.’s Superchargers, following Ford Motor Co.’s lead and
2023-06-09 17:28
BOJ Is Said to See Little Need to Tweak Yield Control Now
BOJ Is Said to See Little Need to Tweak Yield Control Now
Bank of Japan officials see little need to adjust its yield curve control program at a policy meeting
2023-06-09 16:51
Norway’s Core Inflation Unexpectedly Accelerates to Record Pace
Norway’s Core Inflation Unexpectedly Accelerates to Record Pace
Norway’s underlying inflation unexpectedly accelerated to a record-high pace last month, suggesting the central bank is more likely
2023-06-09 14:50
Das Needs Monsoon Rains to Deliver Before Weighing Rate Cuts
Das Needs Monsoon Rains to Deliver Before Weighing Rate Cuts
As Reserve Bank of India Governor Shaktikanta Das made the case for inflation risks arising from a delayed
2023-06-09 13:59
China Mounts Six-Month Campaign to Get Car Sales Moving Again
China Mounts Six-Month Campaign to Get Car Sales Moving Again
China launched a six-month campaign to boost car purchases and drive electric vehicle adoption in rural areas as
2023-06-09 12:54
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