‘Necessary reset’ underway after Leeds United takeover is approved
The takeover of Leeds United has been approved by the English Football League (EFL), clearing the way for “a necessary reset” to fully begin.
The football club was relegated from the Premier League last month, ending a three-year stay in the top flight.
Leeds united chairman Paraag Marathe
The club won more games in its first season, 18, than it did in the next two seasons combined, 16, leading to fans showing their dissatisfaction with chairman Andrea Radrizzani.
The new owners are the 49ers Enterprise, the investment arm of NFL club San Francisco 49ers. It first took a 15% stake in Leeds five years ago then increased it to 44% in 2021.
The deal to acquire the remaining 56% has valued the club at around £170m.
Former vice-chairman Paraag Marathe will become chairman while chief executive Angus Kinnear will continue in his role.
“This is an important moment for Leeds United and we are already hard at work,” said Marathe. “This transition is a necessary reset to chart a new course for the club.”
Leeds United vice chairman Rudy Cline-Thomas
Rudy Cline-Thomas, founder and managing partner of alternative asset manager MASTRY, will join the board as co-owner and vice chairman.
He said: “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.”
