Leeds United have confirmed that an agreement has been reached for owner Andrea Radrizzani to sell his majority stake in the club to co-owners 49ers Enterprises.
Radrizzani's Aser Ventures initially bought the West Yorkshire outfit outright from Massimo Cellino for £45m in 2017, but he has since seen his majority stake at the club drop to 56%.
49ers Enterprises – a American group who own NFL franchise the San Francisco 49ers – bought their first 10% of Leeds back in 2018 before increasing their stake to 44% in November 2021, but they have now come to an agreement to purchase the club outright from Radrizzani.
A brief statement on Leeds' official website read: "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."
According to the Press Association, 49ers Enterprises initially agreed to purchase Leeds for around £400m, but as a result of the club's relegation from the Premier League, the American group have now agreed fresh terms to buy the Whites for around £170m.
Radrizzani's Aser Ventures recently bought a stake in Italian outfit Sampdoria, who were relegated to the second tier after finishing bottom of Serie A in 2022-23.
Leeds United Supporters Club released a strong statement after the club's relegation to the Championship, saying that Radrizzani was "no longer an appropriate person to own Leeds United".
"His behaviour is appalling and he risks never being welcome at our club again," the statement read as quoted by BBC Sport.
"The sooner he goes the better and we look forward to the 49ers Enterprises offer being accepted. The only way he can begin to salvage his reputation is through an immediate sale of the club and the stadium."
One of the first tasks for 49ers Enterprises is to appoint a new head coach following the departure of interim boss Sam Allardyce earlier this month.
