Andrea Radrizzani remains the majority shareholder at Elland Road but an increased stake from 49ers Enterprises, the investment arm of NFL club San Francisco 49ers, has seen the balance tilt somewhat.
Here, we take a look at how things look at boardroom level.
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The most recent update came at the beginning of November, when 49ers Enterprises increased their minority stake in Leeds United to 44 per cent.
Radrizzani bought Leeds for £45 million in 2017 and has since taken the club from the Championship back into the Premier League.
49ers Enterprises purchased an initial stake in Leeds in 2018 before increasing their investment and control in January as it was announced that they had upped their ownership to 37 per cent while president of 49ers Enterprises, Paraag Marathe, became vice-chairman.
Following the most recent increase, Leeds chief executive Angus Kinnear said that both parties "remain unequivocally committed to the club". The cost of the 49ers most recent increase in ownership was undisclosed.
Reports on Monday suggested that 49ers Enterprises have an option to purchase 100 per cent control of Leeds by January 2024 though that is unconfirmed.