According to Phil Hay of The Athletic, the San Francisco 49ers are set to take over ownership of Leeds United, the professional English football club based in Leeds, West Yorkshire in England.
"Leeds United are finally set for new ownership after talks over the past 24 hours sealed an agreement for Andrea Radrizzani to sell his majority stake in the club to 49ers Enterprises," wrote Hay. "The two sides publicly announced a deal on Friday, allowing 49ers Enterprises to begin the process of officially ratify its long-awaited buy-out.
"The formal completion of its takeover is likely to take a number of weeks while legalities are handled and the group seeks EFL approval of the deal."
Leeds issued the following statement:
"Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club.
"Both parties continue to work through the details, and further updates will be provided soon. All of our focus remains on a quick return to the Premier League.
"Thank you for your continued support. Marching on Together."
Leeds' current majority shareholder, Andrea Radrizzani, will sell his 56 percent stake in the club to 49ers Enterprises. The current estimated value of Leeds is $213.65 million, a bargain compared to a few weeks ago, before the club was relegated from the Premier League.
"The club's value has dropped sharply as a result of relegation to the Championship," wrote Hay, "leading 49ers Enterprises to commit to an overall valuation of £170m. Had Leeds remained in the top flight, that figure would have been closer to £400m."
Hay reports that 49ers Enterprises president Paraag Marathe, better known to 49ers fans as the team's chief contract negotiator, is expected to take over as chairman of Leeds. He has served as vice-chairman of Leeds since 2021.