By Mark Baber
Junne 29 – Leeds United have confirmed that their parent company has completed the purchase of the Elland Road Stadium, as had been promised by new Chairman Andrea Radrizzani.
Leeds United have played at the Old Peacock Ground since 1919 but the stadium was sold to Manchester property investor Jacob Adler for £8 million in 2004, whilst a 25-year lease agreement was put in place with a buy-back clause which had been due to expire in 2029.
Radrizzani commented on the purchase saying: “Today is an important day in our history and a proud day for me and my team.
“When I met with both management and supporters during my first few months at the club, the purchase of Elland Road was very high on their list of priorities and I’m delighted to be able to announce that we have completed that process today.”
According to reports the current buy-back cost stood at around £17million but Radrizzani is believed to have paid in the region of £20 million to complete a rapid sale from Adler.
Radrizzani’s vehicle for the purchase of the club and now the ground is Greenfield Investment Pte Ltd and the deal should now free the club’s accounts of the annual rent of £1.7 million.
The deal will also enable plans for a three-year project labelled ‘Elland Road 2020’, which has been under discussion with Leeds City Council, to move forward. The project is reported to include the construction of a new training ground in the centre of Leeds.
The purchase was welcomed by the Leader of Leeds City Council, Councillor Judith Blake who said: “It is fantastic news that the club have confirmed the buy-back of Elland Road Stadium.
“This is an extremely positive step in the right direction for everyone associated with Leeds United and especially the club’s tremendous and loyal fans.
“As we prepare for the new season to begin in August, I very much welcome the intent being shown by Andrea to move the club forward with real purpose and ambition.”
According to a statement on the club’s website, “work to improve and update Elland Road has already begun and will be completed by the start of the season.” The move has been welcomed by supporters of the club, for whom the purchase has emotional significance as well as indicating the new ownership of the club is willing to make the investments necessary to ensure Leeds United, a sleeping giant of the English game, has a bright future.
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