Elland Road’s future was put under the spotlight once again with the report Andrea Radrizzani explored the possibility of using it as collateral in his bid for Sampdoria. Leeds United’s home, the heart of the club and a cornerstone of the city, used as security against the owner’s bid for another football club within days of relegation.
LeedsLive understands the proposal has not gone any further and, with no new charges on Companies House, Elland Road is safe from any ties to the Sampdoria deal. The matter, first reported by The Athletic, has drawn attention to the ownership of the stadium and whether Radrizzani could have really followed through on this.
Elland Road Limited was incorporated on December 9, 2020 with Radrizzani plus United board members Angus Kinnear and Massimo Marinelli named as directors. One hundred per cent of shares in the new company were owned by Greenfield Investments Pte Ltd, the investment vehicle used by Radrizzani.
READ MORE: Andrea Radrizzani's 'behaviour is appalling' claims damning statement on his Leeds United future
On December 31, 2020, Collin Meador, vice president of 49ers Enterprises, would be appointed as a director. At this stage, 49ers would take 22 per cent of Elland Road Ltd and see a charge registered with Companies House.
A charge is the security a company gives for a loan. In this example, Elland Road Ltd was the chargor and 49ers Enterprises was the chargee. While the documents are lengthy and complex, this charge ultimately means Radrizzani, the majority shareholder, can do little with the stadium without 49ers’ written consent.
The June 2021 accounts would show Elland Road valued as a £25m asset. By May 2022, the documents show another seven per cent of the company was transferred to 49ers. The December 2022 confirmation statement would show Greenfield’s shareholding was down to 71 per cent and 49ers’ up to 29.
As with the ownership of the football club itself, 49ers Enterprises remains the minority shareholder in the stadium and would need to broker an agreement with Radrizzani to take control of it.
READ NEXT:
Andrea Radrizzani's Elland Road proposal explained with Leeds United concern raised
Blindsided Leeds United board floored as Radrizzani's Elland Road scheme broken to them last night
Sam Allardyce makes Thorp Arch 'prison' comparison as he explains Leeds United methods and mistakes
Leeds United news LIVE: Andrea Radrizzani 'offered' Elland Road as collateral in Sampdoria bid
Sam Allardyce sends warning to Leeds United board before meeting amid 'imperative' decisions
