No takeover of a British football club is truly complete until a tranche of documents lands at Companies House.
Control of Leeds United switched from Andrea Radrizzani to 49ers Enterprises in July, but it was only last week, two months later, that Companies House (the UK’s register of companies) published the details of changes to the boardroom at Elland Road. For the first time, the paperwork gives a clearer picture of how Leeds will be run and controlled.
Leeds, in reality, have been owned and managed by 49ers Enterprises since July 17, when the EFL approved a buy-out which valued United at £170million ($207m). But the completion of formalities and final payments, the last parts of which were wrapped up towards the end of September, prompted confirmation of the shift in power: who is joining the board, who is leaving the board and what the transition means for things like the club’s Elland Road stadium.
The Athletic has put together an explainer of the latest documents issued on the Companies House website.
How is the new Leeds United board structured?
Leeds gave a strong indication of how their new board would look when the takeover was first announced. Paraag Marathe, previously vice chairman while Radrizzani was head of the board, took up the position of chairman midway through the summer. He has been in charge of the management of Leeds from that day.
Marathe pictured in 2018 (Lachlan Cunningham via Getty Images)
U.S. entrepreneur Rudy Cline-Thomas, one of the biggest investors in the 49ers’ group, became vice chairman at the same time, an appointment which Companies House officially confirmed last Thursday. He and Marathe have been present at league games this season, though both will continue to be based in the U.S.
Chief executive Angus Kinnear was an existing director and remains in place, as does Australian businessman Peter Lowy — a United director since 2021. The 49ers had discussed adding a fifth member to the board in the form of Collin Meador, the existing vice president of 49ers Enterprises and a colleague of Marathe’s for many years. Meador, however, will not be taking up a position as a Leeds director.
Of the four board members, Kinnear is the only director who will be situated in the UK full-time. He has the job of overseeing day-to-day operations at Elland Road, reporting directly to Marathe above him.
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Which club directors have resigned?
Radrizzani, as expected, has left his position as a director and ended his association with Leeds completely. He has not had any tangible involvement at Elland Road since the end of last season and his exit from the board was finalised on September 25.
For a while, it was thought possible that he might relinquish control of United while retaining a very small shareholding, but the relationship between him and 49ers Enterprises was strained towards the end, not helped by the revelation that Elland Road had been put forward as potential collateral for a bank loan, which an investment group including Radrizzani needed to buy Sampdoria in Italy.
When it came to the crunch, the American group were clear that he should sever ties completely. In all, Radrizzani was chairman, director and majority shareholder of Leeds for six full seasons. His sale marks the fifth full change of ownership at Leeds since January 2005.
Former Leeds owner Radrizzani (Jan Kruger via Getty Images)
Also gone from the boardroom is Massimo Marinelli, a long-time friend and colleague of Radrizzani’s and the CEO of Radrizzani’s Aser Ventures investment firm. Marinelli joined United as a director in June 2021, along with Lowy and Italian businessman Sandro Mencucci. Mencucci, a 62-year-old sports executive who was once CEO at Fiorentina, has followed Marinelli in resigning his Leeds directorship. He and Marinelli were very much in the background for the past two years, away from the public eye.
What is the status of shares in Leeds United Football Club Ltd?
Prior to Radrizzani selling United, the split of shares between him and 49ers Enterprises was roughly 56-44 per cent in the Italian’s favour. The 49ers’ stake — increased incrementally from 2018 onwards — was held across two different U.S. companies: 49ers Enterprises Leeds II SPV and Football Investment Fund. Radrizzani had himself acquired a 100 per cent stake in United from Massimo Cellino in 2017.
Companies House is yet to publish a new confirmation statement explaining the new structure of shareholding, but when the documents drop, they are expected to show that 49ers Enterprises holds the entire shareholding in the club, with no splits or minority stakes.
It is well known that the 49ers’ fund consists of various high-worth individuals, such as Cline-Thomas and Lowy, whose personal investments made the takeover possible. Multiple interests and personalities were involved in financing the deal, but on paper, 49ers Enterprises now owns Leeds United in its entirety.
How has the ownership status of Elland Road changed?
Leeds’ Elland Road stadium is in the hands of a company called Elland Road Ltd, set up in December 2020 (around the time 49ers Enterprises substantially increased its stake in United for the first time). Ownership of the ground transferred to Elland Road Ltd having first been bought by another Radrizzani company, Greenfield Investment Pte, after his original takeover of Leeds in 2017.
There is no Companies House update yet on the ownership of Elland Road (George Wood/Getty Images)
Until 49ers Enterprises secured its takeover, the Americans controlled a minority stake in the stadium — below 30 per cent — with Radrizzani retaining 71 per cent. As yet, there are no updates on Companies House about a change of ownership, but the 49ers’ buy-out of Radrizzani included an agreement for the group to acquire 100 per cent of Elland Road and sources with knowledge of the deal — speaking anonymously to protect confidentiality agreements — have told The Athletic that the handover is due to be registered at Companies House in the near future.
Elland Road Ltd had four directors: Radrizzani, Kinnear, Meador and Marinelli. As with Leeds, Radrizzani and Marinelli are expected to relinquish those positions as control of the ground moves into the 49ers’ hands. The most recent accounts for the firm, covering the 2021-22 financial year, show that Elland Road is valued at £25million and that Leeds paid just over £1.7million in rent during that 12-month period. After his purchase of the ground, Radrizzani granted the club a rent-free spell spanning 33 months, but that arrangement expired around the time of their promotion to the Premier League in 2020.
From the start of 2021, 49ers Enterprises has held a charge over Elland Road — in effect, security for what was most likely a loan given to Radrizzani or Leeds. The latest accounts show that, as of June 2022, United owed £1million to shareholders of Elland Road Ltd. That charge might be settled as part of the change of stadium ownership and, at the time of writing, no others are registered at Companies House.
Updates about Elland Road Limited dropped on Companies House’s website on Friday, detailing the change of ownership as expected.
Radrizzani and Marinelli have both resigned from the board of Elland Road Ltd. Marathe has been added to the company as a director, joining Meador and Kinnear as part of a three-man board.
The charge held by 49ers Enterprises over the ground is now settled in full and Radrizzani no longer registers as a person with significant control over the company or the stadium. Marathe and John York, part of the family which runs the San Francisco 49ers NFL franchise, are now listed as the people with significant control. Essentially, Elland Road now belongs to 49ers Enterprises.
Jaidon Anthony celebrates scoring for Leeds (Ben Roberts Photo via Getty Images)
Any other business?
On the pitch, the 49ers’ first priority is to see Leeds promoted — and this season has not started at all badly (Leeds are currently fifth in the table). Off the pitch, the group are hopeful of pushing forward with stadium development plans before the season ends, helped by the fact they succeeded in pushing for sole ownership of the club and Elland Road.
At present, United are advertising key scouting jobs and looking for other first-team support staff and changes to the internal framework are unlikely to slow down. At senior management level, the appointment of a chief operating officer (COO) is in the pipeline, a move that will give the 49ers more oversight of the business.
The 49ers’ impression of Leeds is that, while they were a Premier League team for three straight seasons, too much of the infrastructure is still Championship-level. The aim will be to ensure that if and when Premier League status is regained, the club have the tools, personnel and wit to stay there.
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(Top photo: Ben Roberts Photo via Getty Images)
