Buttons need to be pushed and 49ers Enterprises becomes Leeds United’s new majority shareholder. That’s where we understand the club’s takeover situation to be.
It is no secret this is the direction a takeover has been travelling ever since the San Francisco 49ers’ investment arm took control of its first 15 per cent in May 2018. Paraag Marathe showed up in town for the first time that spring and took a seat on the board of directors at Elland Road.
Marathe and the NFL franchise would watch from afar as Marcelo Bielsa took the Whites through play-off pain and the Championship title before cementing their place in the Premier League. Halfway through that first top-flight campaign, the Americans would swoop again.
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In taking Enterprises’s stake from 15 to 37 per cent and making Marathe vice-chairman, it was a major show of intent from across the Atlantic. 49ers would not be coasting along in the background with their minority stake, this was a clear pathway to full ownership in the future.
At the time, United said: “Marathe, supported by 49ers Enterprises vice president Collin Meador and other key 49ers personnel, will be more involved in the decision-making process and day-to-day operations of the club moving forward, both in football and business operations as he has done for the 49ers for the last 20 years and maintains his place on the Leeds United board of directors.”
Four months later, it became clear where that vast injection of money from Enterprises had originated. Peter Lowy, a lifelong fan and successful businessman, would join the board after investing in the 49ers vehicle.
A variety of other names, like Chad Hurley and Nick Swinmurn, would also make their investment public knowledge. Pieces were moving in the USA and just 10 months after the leap to 37 per cent came another seven.
Today, 49ers Enterprises remain at the 44 per cent stake they went public with in November 2021. Another seven per cent would see them take control and that final push has left everyone waiting for the inevitable to happen.
When would they push the button? When would Leeds finally reach its next phase? In December last year, The Athletic first reported an agreement between Andrea Radrizzani and Enterprises which would see ownership change hands.
It was always hard to imagine 49ers would keep adding to its shares without some kind of assurances of full control in the long-term future. An investment vehicle like that does not plough millions into an organisation without control of where it is being spent in the future.
The report suggested January 2024 would be the deadline for Enterprises to push the button on the takeover and that’s where we remain. There are understood to have been no major recent changes in stance from either side.
Of course, money may be moving around in the background in readiness for such a move, but that was always in the offing. It’s been a case of when, not if, for the past 12 months, if not longer.
Marathe has been a semi-regular attendee at Elland Road for matches when his US schedule allows, while Jed York, 49ers' chief executive officer, has been seen more sporadically. Although, both of them were in attendance for last weekend’s Bournemouth win.
York and Marathe were understood to be in town for focused talks on January transfer plans, rather than anything particularly decisive on pulling the takeover trigger. Elland Road’s top brass is well aware the coming window is an important month for the club.
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