Leeds United FC
49ers Enterprises investment · 10 Jun 2023
- Buyer
- 49ers Enterprises
- Seller
- Andrea Radrizzani (via Aser Ventures)
- Stake acquired
- 56%
- Control
- Yes
- Reported consideration
- Undisclosed
- Implied equity value
- €197m
- League
- EFL Championship
- Country
- England
- Confidence
- MEDIUM
49ers Enterprises bought the remaining 56% to take full ownership of Leeds United FC from Andrea Radrizzani (via Aser Ventures), announced 10 Jun 2023, closing 18 Jul 2023.
The purchase consideration was not disclosed. The stated 100% equity value was €197m.
Nearest pre-acquisition revenue was €219m (FY 2021/22), an equity value / revenue multiple of 0.90x.
- Announced
- 10 Jun 2023
- Closed
- 18 Jul 2023
- Stake after transaction
- 100%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2021/22
Revenue
Wages
EBITDA
Net debt
Net income
49ers Enterprises, having built a stake in Leeds United from 15% (2018) to 44% (by Nov 2021) under an option structure with Andrea Radrizzani's Aser Ventures, agreed on 10 June 2023 to buy the remaining 56% and take full 100% control; the EFL approved the sale and completion followed around 18 July 2023. Reporting (TNT Sports, SportsPro, corroborated by Sky Sports) consistently uses a £170m figure, but sources are not precise about whether this is the price paid for Radrizzani's 56% stake specifically or the implied 100% club valuation reached in the renegotiation — the two are used near-interchangeably in coverage, and the figure itself represents a steep discount from an earlier ~£400m valuation floated while Leeds were still in the Premier League, following the club's 2023 relegation to the Championship.
- TNT Sports — "Andrea Radrizzani agrees to sell £170m stake in Leeds United to San Francisco 49ers' investment arm" ↗Tier 3 · media
2023-06-10 — “Confirms Radrizzani sold his remaining 56% for a deal valuing the club at £170m, down from an earlier proposed £400m valuation discussed pre-relegation; 49ers had grown their stake from 15% to 44% between 2018 and 2021.”
- Sky Sports — "Leeds United: 49ers Enterprises complete takeover from Andrea Radrizzani" ↗Tier 3 · media
2023-07-18 — “Reports EFL approval and completion of the 49ers' purchase of Radrizzani's remaining 56% stake, taking them to 100% ownership; used per search-snippet summary — direct WebFetch returned 404 in this pass, so treated as corroborating rather than sole-source.”
- SportsPro — "Leeds United confirm UK£170m deal for 49ers Enterprises takeover" ↗Tier 4 · specialist media
2023-06-10 — “Corroborates the £170m deal figure via search-result summary; not independently fetched in this pass.”
- The Swiss Ramble — "Leeds United Finances 2021/22" ↗Tier 4 · specialist media
2023-04-01 — “"Revenue rising £18m (11%) from £171m to a club record £189m" for year ended 30 June 2022; pre-tax loss widened from £12m to £37m.”
- Leeds United official site — "49ers Enterprises increases Leeds United minority ownership stake" ↗Tier 1 · primary company
2021-11-05 — “Confirms 49ers Enterprises increased its stake to 44%, with Aser Ventures (Radrizzani) retaining 56% as of Nov 2021 — establishes the pre-2023 baseline stake for the minority-to-control narrative.”