Leeds United takeover: EFL to carry out compliance on 60 49ers investors after Andrea Radrizzani agreement
49ers Enterprises must clear the hurdle of the Owners and Directors test set to be carried out by the EFL before their Leeds United takeover is ratified, the Daily Mail reports.
The long-awaited agreement to transfer the ownership of the Whites from 56% majority owner Andrea Radrizzani to the 44% minority shareholders with a full sale finally made the breakthrough on Tuesday (6 June), with the terms sent to the Football League for approval.
The Premier League are reportedly happy with the deal but have “tasked” the EFL with the responsibility of ensuring all of the 49ers’ investors are compliant with their owners test.
According to the Mail, the 49ers bid contains 60 investors, with current Leeds United board members Paraag Marathe and Peter Lowy the most prominent.
They are expected to add further new faces to the Elland Road boardroom once the deal is completed.
Hold up
With so many investors to work through it probably isn’t the quickest of tasks for the EFL to get done, but Leeds fans will hope they work as fast as possible after over a week of treading water already since relegation.
If the Premier League were happy to give the green light to those involved for the agreement that was previously in place then there shouldn’t be any major surprises.
But the Premier League and EFL differ on their rules in various departments, including on profit and sustainability, so it likely isn’t as simple as running a quick eye over the top flight’s conclusions.
Clearly, a multi-million pound buy-out is a complicated operation, even if the value of the deal fell significantly with relegation, so it can’t be rushed through.
But when wrangling over a new deal has rumbled on for weeks since the prospect of the drop became real, with Radrizzani apparently complicating matters with his Sampdoria purchase, further hold ups will be a frustration.
Owners and Directors tests sometimes feel like they aren’t worth anything when major issues do subsequently arise to send clubs into administration, but it is a necessary hoop that needs to be jumped through and may explain the ongoing wait for an announcement.
In other Leeds United news, a “shock” managerial candidate has “come out of the blue” to be in the running for the job.