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Leeds chairman Andrea Radrizzani has agreed to sell his controlling position in the club to co-owners 49ers Enterprises, the club said on Friday.
As a result, the American investment group, which owns the NFL franchise San Francisco 49ers and has been a minority shareholder in Leeds since 2018, will become the sole owner.
“Leeds United can confirm that an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club,” the club said in a statement.
“Both parties are still working out the details, and more information will be provided soon.”
“Our entire focus remains on returning to the Premier League as soon as possible.”
In 2021, 49ers Enterprises expanded their interest in Leeds to 44 percent, with the option of purchasing Radrizzani’s remaining 56 percent before January 20, 2024.
That arrangement, worth roughly £400 million ($500 million), was conditional on Leeds remaining in the Premier League.
Leeds’ relegation last month drove both parties back into talks, with the transaction now reportedly valued at only £170 million.
The choice of Marcelo Bielsa as manager proved to be a masterstroke for Italian businessman Radrizzani, who bought Leeds in 2017 and helped guide the club back to the Premier League for the first time in 16 years.
Leeds, on the other hand, will be in the Championship next season after finishing 19th in the Premier League after only three years back in the top division.