Andrea Radrizzani, chairman of Leeds United, has agreed to sell his stake in the club to co-owners 49ers Enterprises for £170 million.
The San Francisco 49ers’ investment arm purchased a 15% stake in Leeds in 2018 and increased it to 44% in 2021.
Radrizzani, an Italian, bought Leeds entirely for £45 million in 2017, although his stake has now plummeted to 56%.
Leeds United were relegated from the Premier League on the final day of the season and are now preparing for the Championship.
The previous agreement, which was contingent on their survival in the top division, was worth over £400 million, but talks resumed following their relegation to the second tier.
“Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club,” the club said in a statement.
“Both parties are still working out the details, and more information will be provided soon.” Our entire goal remains on returning to the Premier League as soon as possible.”
Leeds United Supporters Club issued a statement when their relegation was confirmed, saying Radrizzani was “no longer an appropriate person to own Leeds United.”
“His behavior is appalling, and he risks never being welcomed at our club again,” the statement continued.”The sooner he goes, the better, and we hope the 49ers Enterprises offer is accepted.” The only way he can start to repair his reputation is to sell the club and the stadium right away.”
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Radrizzani was popular with Leeds fans after Marcelo Bielsa led the club back to the Premier League. The relationship degenerated after he fired the Argentine, and he did not attend their final game, a relegation-clinching loss to Tottenham, where fans yelled for him to quit.
