Leeds United released a small statement on June 9 to confirm that an agreement had been reached between 49ers Enterprises and Aser Ventures for the purchase of the club. It was the breakthrough that supporters had been waiting for and although the deal needed ratifying by the EFL, it meant the club could begin making preparations for the new season.
Two and a half weeks on and the Whites are still waiting for the takeover to be officially approved by the governing body, who have been running the chief members of the 49ers Enterprises investment group through their owners’ and directors’ test. The test is designed to ensure those involved in the takeover are suitable and have the finances required to run the club.
Of course, given their prior involvement at Elland Road, Paraag Marathe and Peter Lowy have already been through and passed the test, but others involved in the consortium have not. Until those individuals have been thoroughly assessed, the takeover cannot be given the green light and that’s where we are at present, waiting patiently for communication from the EFL.
Once that approval comes through and the takeover is completed, 49ers Enterprises can press on making the necessary additions and changes without any fears of unforeseen hiccups or setbacks. So, how much longer can we expect to have to wait?
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Well, given every case is different, it’s hard to say, but it’s not uncommon for it to take a couple of months or perhaps even longer, depending on the complexities involved. Here, LeedsLive take a look back at a few recent examples of takeovers to see what we can learn.
Sunderland
The Black Cats were still a League One club when Kyril Louis-Dreyfus, acquired a controlling stake in the club. Louis-Dreyfus, a billionaire French businessman from a wealthy family, saw his agreement to take over Stewart Donald’s shareholding announced on Christmas Eve 2020, in the height of Covid.
The timing of the announcement over the festive period could have perhaps slowed down the process, but CEO at the time Jim Rodwell, described the takeover as ‘complex’, due to the size of the club. Sunderland’s takeover was officially rubber-stamped on February 18, 2021, eight weeks on, giving Louis-Dreyfus a majority stake.
Hull City
The takeover of Hull by Acun Ilicali in January 2022 was a long, drawn-out process, having first registered his intention to buy the club from the much-maligned Allam family as early as the previous June. However, it was reported by Hull Live on January 10 that the deal was in the hands of the EFL after the Turkish business had agreed to purchase the club.
That approval came back and the takeover was officially announced on January 19, just over a week later, allowing the Tigers to make late moves in the January transfer window. Leeds’ situation is different, of course, but they have already been waiting twice as long.
Huddersfield Town
Huddersfield saw Kevin Nagle’s takeover completed just last week, with the American purchasing the club from Dean Hoyle. This one took a while to get over the line, though, with ‘a North American group’ agreeing a deal to buy the club on March 23.
Again, the situation was complex, but it is thought EFL ratification came back on June 12, almost three months after the deal was struck. Financial checks from the Financial Conduct Authority (FCA) are thought to have held up the deal further before the announcement was officially made on June 22.
Coventry City
Another one that was given the green light this year, Doug King completed the purchase of Coventry City on January 10, taking an 85 per cent share in the club and clearing its debts in the process. The deal being struck was officially announced on November 16, meaning it took just less than eight weeks to be formally approved and finalised.
The Sky Blues didn’t spend any money in the January transfer window, but Mark Robins’ side seemed to build on the feel-good factor of the takeover and came within touching distance of promotion to the Premier League, losing on penalties in the play-off final against Luton Town.
Birmingham City
This one is still ongoing as prospective new owner Tom Wagner waits for the results of a vote which will be held on July 13. Wagner intends to initially purchase Vong Pech’s stake or 21 per cent, while also taking 24 per cent from Birmingham Sports Holdings, putting him in control of the Blues.
The American signed a sale and purchase agreement on May 7 to buy 45 per cent of Birmingham City and he received EFL approval on June 5. If he gets the thumbs up from shareholders he will be able to kick on and complete his purchase. That hasn’t stopped Birmingham recruiting in the transfer window, though, having bought Tyler Roberts from Leeds last week.
