Leeds United’s takeover by 49ers Enterprises has finally been approved by the EFL – with Olympic legend Michael Phelps becoming a minority investor.
More than five weeks after announcing Andrea Radrizzani had agreed a deal to sell his majority share to the Americans, the club confirmed on Monday night that the takeover has now officially been completed.
And it emerged that the most successful Olympian of all time, American swimmer Phelps, will have a stake in Daniel Farke’s Championship side, along with golfers Jordan Spieth and Justin Thomas and other stars from American football, basketball and ice hockey.
Paraag Marathe, the new Leeds chairman and 49ers Enterprises president, 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 manager with a track record of success, and we are confident Leeds will field a competitive squad to contend for promotion next season.
Leeds confirmed that 49ers Enterprises have approval to complete their purchase of the club
Michael Phelps, the most decorated Olympian ever, will be among the club’s minority owners
Jordan Spieth and Justin Thomas are involved, as are stars of NFL, basketball and ice hockey
‘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.’
Rudy Cline-Thomas, a former basketball agent and founder of investment platform Mastry, has joined Leeds as co-owner and vice-chairman.
‘With my family hailing from Leeds, it’s an honour to be able to uplift this incredible community,’ he said. ‘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.’
The investment arm of NFL franchise San Francisco 49ers already owned a 44% stake in Leeds
The 49ers – the investment arm of NFL franchise San Francisco 49ers – already owned a 44 per cent stake in Leeds, but have now bought out Radrizzani’s remaining 56 per cent.
Outgoing owner Radrizzani said: ‘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. 49ers Enterprises have been fantastic partners for years and I’m confident they will take Leeds to the next level.’
Angus Kinnear will remain as Leeds’ chief executive and direct day-to-day operations.
He added: ‘49ers Enterprises is bringing fresh leadership, management, and a commitment to investment, which I’m confident will meet our ambition to compete for promotion and remain in the top flight as an established Premier League club.’
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