Leeds United takeover confirmed as 49ers Enterprises release full statement after EFL approval

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Leeds United’s takeover by 49ers Enterprises has been confirmed after the English Football League ratified the consortium’s agreement with outgoing majority shareholder Andrea Radrizzani.

The Whites are officially under new ownership, six weeks on from news that an agreement had been reached between the 49ers and Radrizzani’s Aser Ventures.

A transfer of shares has taken place with Radrizzani’s remaining 56 per cent holding in the club now under the control of Paraag Marathe and his core group of ten-or-so investors involved with 49ers Enterprises.

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The 49ers’ investment group is made up by a number of backers, but only key players have been subject to checks by the EFL, including incoming chairman Marathe, who has held a position on Leeds’ board for the past few years.

Paraag Marathe is the new chairman of Leeds United (Pic: Leeds United)Paraag Marathe is the new chairman of Leeds United (Pic: Leeds United)
Paraag Marathe is the new chairman of Leeds United (Pic: Leeds United)

MASTRY Ventures founder Rudy Cline-Thomas has been appointed to the board of directors as co-owner and vice chairman, while chief executive Angus Kinnear remains in his post.

US golfers Jordan Spieth and Justin Thomas were named among the minority shareholders earlier this month, while NBA stars Russell Westbrook and Larry Nance Jr. are also involved in an investment capacity.

A statement on Monday evening read: “Today, Leeds United Football Club can announce that the EFL has approved the sale of the Club to 49ers Enterprises, paving the way for the immediate transition of ownership.”

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Chairman Marathe said: “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."

“It has been an honour to guide Leeds United over the last six years and to spend so much time with the best fanbase in the world,” outgoing chairman Radrizzani said.

"49ers Enterprises have been fantastic partners for years and I'm confident they will take Leeds to the next level.”

Leeds are expected to press on with first-team signings and further staff additions ahead of the new season having now been granted EFL approval.