Leeds United announce approval of acquisition by US group

Leeds United Announces Acquisition by American Group "Forty-Niners Enterprises" and Russell Westbrook.

Leeds United announced on Tuesday that the English Football League (EFL), which oversees the lower divisions, has approved the club's acquisition by the American group "Forty-Niners Enterprises."

The investment group, the owner of the San Francisco 49ers football team in the NFL, alongside NBA star Russell Westbrook, will purchase all shares of Leeds United from Italian owner Andrea Radrizzani, who has owned the club since 2017.

Group president Paraag Marathe, who will become chairman and board member of the Yorkshire-based club, stated, "This is a momentous occasion in the history of Leeds United, and we have already started working hard."

The group has held a 44% stake in the club since 2021 and exercised an option allowing them to buy the remaining 56% from Radrizzani before January 2024.

Initially valued at £400 million ($523 million), the club's value saw a decline after relegation from the Premier League to the second-tier Championship at the end of the last season, reducing its estimated worth to around £170 million ($222 million).

Last month, Leeds appointed German coach Daniel Farke, the former manager of Borussia Monchengladbach and Norwich City, as their head coach to lead the team's return to the top-flight.

Leeds United joins a list of English clubs under American ownership, following Manchester United, Arsenal, Liverpool, Chelsea, and Aston Villa.

 

 

 

 

 

 

AFP