Leeds United have announced the English football league (EFL) has approved the sale of the club to American investment group 49ers Enterprises.

Andrea Radrizzani, chairman and majority shareholder since 2017, agreed to sell his stake in June in a deal valued at around £170m.

49ers Enterprises, which owns NFL franchise the San Francisco 49ers, has steadily increased its stake in Leeds since becoming a minority shareholder in 2018.

Paraag Marathe, who was former vice chairman, will take over as chairman. Chief executive Angus Kinnear retains in his current position and Rudy Cline-Thomas, founder and managing partner of venture capital firm MASTRY, will join the board as co-owner and vice chairman. 

The new Chairman Marathe described the deal as an important one "This is an important moment for Leeds United and we are already hard at work”. "This transition is a necessary reset to chart a new course for the Club. "We have already appointed a highly-respected First Team Manager with a track record of success, and we are confident Leeds will field a competitive squad to contend for promotion next season. It's a privilege to carry this torch as I know we have a responsibility to ensure this Club makes our staff, players, supporters, and the Leeds and Yorkshire communities proud." Marathe said.

The Enterprises comprises around 10 major investors, including those with smaller individual stakes like three-time major-winning golfer Jordan Spieth and two-time PGA Championship winner Justin Thomas. 49ers Enterprises increased its stake in Leeds to 44 per cent in 2021 with the option of buying Radrizzani remaining 56 per cent before January 2024.

The Americans were open to sale this summer but that agreement, which had valued Leeds at around £400m, depended on the club remaining in the Premier League.

However, Leeds' relegation at the end of the 2022/ 2023 season made both parties return into negotiations and a valuation of close to £170m has been agreed.

The deal ends Radrizzani's six-year ownership of Leeds. He completed a full takeover from fellow Italian Massimo Cellino in 2017 and initially proved hugely popular.

The Italian businessman bought back Elland Road stadium, which had been in private ownership since 2004.