Multiple LA investors back out of Leeds United takeover deal amid Paraag Marathe Zoom calls – Phil Hay
Multiple Los Angeles investors pulled out of the 49ers Enterprises Leeds United takeover deal following the club’s relegation to the Championship, according to Phil Hay.
But the journalist noted that despite the relegation from the Premier League, the plan to acquire control of the Whites held firm.
Hay added that key to the deal being confirmed and indeed the future of the club is 49ers President Paraag Marathe, who instigated a Zoom call in late May to keep discussions on track.
“One major Zoom call instigated by Marathe with different investment parties took place as late as the final Thursday in May, four days before the last round of Premier League matches on May 28, with Leeds about to go down,” Hay wrote for The Athletic. “Even then, discussions were fluid about how the make-up of the fund might change, who was in and who was out. The original plan had been to acquire a top-flight team.
“Shaking hands with Radrizzani was only part of the battle. Once a deal fell into place, as it did just over a week into June, it was incumbent on Marathe as the lead figure in 49ers Enterprises to make sure the funds to complete the buy-out were there, irrespective of the fact relegation had lowered Leeds’ value substantially and altered the commitment of certain 49ers Enterprises partners.
“At least two Los Angeles investors, both of whom were ready to get involved with a Premier League club, pulled out but, crucially, the plan to acquire control of Leeds held firm. 49ers Enterprises would fulfil its aim of completing a scheduled takeover, albeit in fraught circumstances at the death.”
Lengthy process
The powers that be at Leeds have plenty on their to-do list this summer, with the takeover situation perhaps sitting top of the pile.
It has, however, been a lengthy process, with supporters not exactly where they want to be in terms of having their worries eased about what the future looks like for their club.
Relegation from the Premier League has definitely thrown a spanner in the works, but plans will have been put in place to deal with that given how the Whites had looked very likely of dropping down to the Championship for quite some time.
Marathe has been a very busy man in recent times, but it seems that finally all is in place to help the West Yorkshire club find their feet as soon as possible in the second division as they prepare for an immediate return to the top flight.
He has had many stumbling blocks along the way, including the frustrating situation regarding the backing out of two investors.
In other Leeds United news, Chris Sutton was left stunned live on air by the latest Whites managerial news.