The EFL has approved the takeover of Leeds United by American investment group 49ers Enterprises.
Andrea Radrizzani, chairman and majority stakeholder, agreed to sell his controlling stake last month, and the agreement, which valued the club at roughly £170 million, has finally been finalized.
Paraag Marathe, who was previously vice-chairman, will take over as chairman, while CEO Angus Kinnear will remain in his current role, and Rudy Cline-Thomas, founder and managing partner of venture capital company MASTRY, will join the board as co-owner and vice-chairman.
Former Norwich City manager Daniel Farke was hired manager on a four-year contract earlier this month, ahead of the club’s effort to return to the Premier League after relegation in May.
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.”
Cline-Thomas addedc: “With my family hailing from Leeds, it’s an honour to be able to uplift this incredible community.
“This is more than just an opportunity, it’s a personal mission. The chance to reinvigorate the cherished Leeds culture, to create a platform that attracts the world’s finest players, and build a truly global brand that celebrates diversity, is a prospect that thrills me.”
49ers Enterprises increased their stake in Leeds to 44% in 2021 with the option of buying Radrizzani’s remaining 56% 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 £400m, was contingent on the club remaining in the Premier League.
Leeds’ relegation forced both parties back into intense negotiations and a valuation of close to £170m was agreed.
The deal marks the end of a six-year ownership of Leeds for Radrizzani, who said: “It has been an honour to guide Leeds and to spend so much time with the best fan base in the world.
“49ers Enterprises have been fantastic partners for years and I’m confident they will take Leeds to the next level.”