Leeds United fans have been left ‘absolutely disgusted’ by a move from Andrea Radrizzani involving Elland Road to secure a loan as collateral.
According to The Athletic, Radrizzani offered to use Elland Road as collateral for a £26m loan that his company Aser and a bidder, Gestio, planned to use to takeover the Italian outfit Sampdoria.
The ground was to be used as collateral in a deal between Radrizzani, Aser (his company) and Gestio Capital (his bidder), to borrow €30m (£25.8m; $32.1m) from Italian Banca Sistema to help fund the Sampdoria purchase.
Exclusive: Leeds United’s chairman Andrea Radrizzani offered to use the club’s Elland Road stadium as security for a £26m bank loan which his company, Aser, and a bidding partner, Gestio Capital, intended to use to complete a takeover of Sampdoria.
📝 @AdamCrafton_ and @PhilHay_
— The Athletic | Football (@TheAthleticFC) June 1, 2023
I’m afraid the chairman has failed to recognise that a football ground is more than just an “asset”. It’s a lot of people’s business. That is why @lufctrust secured Elland Road as an “Asset of Community Value”. https://t.co/TGSQyvDcea #lufc
— Adam Pope (@apopey) June 1, 2023
Radrizzani was absent from the final game of the Premier League season as he sought to complete an agreement with Sampdoria. That didn’t stop fans from singing angry chants about him.
The 49ers Enterprises have been in talks to take control of Leeds, but sources close to the takeover haven’t yet reached an agreement, though have told The Athletic, that the 49ers were NOT informed of the stadium’s use as security for a possible loan.
Radrizzani announced that his group had reached an agreement in principle to buy Sampdoria, a proposal was drawn up that stated that the loan would have to be secured by the Elland Road in Leeds, which is owned by Elland Road Ltd, the UK-based company that controls the stadium.
The bank will charge an interest rate of between 6 and 9% per year for the proposed two-year bridging loan. The agreement allows for the loan to extend for a maximum of ten years, meaning Radrizzani could use the the stadium as security to secure his venture with Sampdoria.
It’s not clear what the current status of this loan proposal and whether it has moved beyond the heads of terms agreement. However, no charges have been filed at Companies House (the executive agency of British government which maintains the registers of companies) as of the date of publication.
In his email, Radrizzani told The Athletic that “what Aser Ventures does with its assets which includes several companies including Leeds United, Greenfield and Elland Road.. it’s none of your business.”
“You can do what you want but you are just trying to put Leeds United fans against myself. It is not nice.”
Simon Jordan goes in on Leeds owner for saying relegation was ‘impossible’ last summer
After being questioned if he had offered the stadium as security for a loan to buy a different club, which was pointed out as a matter of great public interest to the club’s supporters, Radrizzani didn’t respond.
Radrizzani had been silent since the club sealed relegation on Sunday before releasing a statement on Wednesday, saying sorry to supporters.
He wrote: “The last few days have been very difficult for everyone associated with Leeds United. I find it very hard to find the right words to say, other than to apologise to all of our fans for the Club’s relegation. I am sincerely sorry for how this season has unfolded.
“We have made significant investments to try to keep Leeds United in the Premier League, but in working hard to improve the club, we have also obviously made some mistakes. We are reflecting on the decisions that we have taken to ensure we learn the lessons to improve our club and make progress in the future.
“Leeds supporters deserve more than this. You understand the journey on which we have embarked, and I hope that once the anger and disappointment has subsided you will see that we can come back stronger. We have invested heavily in Leeds United since 2017 and worked hard to get back to where the club deserves to be. With the support of our partners, we can continue that journey to bounce back.
“I am proud of the progress we have made in recent years. We have become a club that can attract exciting players, we are strong commercially, we have seen improvements to the academy, introduced a women’s side and so much more. In many ways the club has been transformed and we are committed and determined to continue on this journey.
“I do not like to make false promises, there is still a lot of work to do and change is needed. We need a clear strategy to continue our vision for the club and work is underway to produce this which we hope will be reflected in the some key appointments in different areas of the club. We will keep you all updated throughout the process.”
— Andrea Radrizzani (@andrearadri) May 31, 2023
A club statement on Sunday read: “Everyone connected with Leeds United is deeply disappointed by the club’s relegation back to the Sky Bet Championship, after three seasons in the Premier League.
“Relegation is painful, and we apologise to our fanbase that the performances this season have not seen the club consolidate our status as we had all hoped.
“However, Leeds United remains in a strong position to build a team that can challenge for promotion from the Championship next season.
“We know things have not been good enough, we know we have to improve, but please be assured that behind the scenes we have worked hard to ensure that the past will not be repeated. Our focus is now on how we get straight back to the Premier League.”
As mentioned, Leeds fans were ‘absolutely disgusted’ by the move from Andrea Radrizzani involving Elland Road…
@streytminttom: Radrizzani is a slimy, poisonous little toad of a man.
Fluked a promotion and has sold off all our best assets. The guy is a
complete fraud.
But he gave us promotion? No, Bielsa did that.
But he gave us Elland Road? Sampdoria.
GTFO of our club 😡 #lufc
@MOTweets1919: Hahahahhahaha what a BELLEND
@DanielJ46083413: Anybody else having flashbacks?
@WAFCRob: Bielsa really fooled us into thinking Leeds weren’t one of the worst run clubs in England
@waynemaw: not sure he could have done more to piss off a fanbase than he has this week
@charles_toher: At face value this really doesn’t sound good. Its so frustrating, this club has absolutely everything going for it.
@everett_liam: He needs to walk away, NOW. No way will he be welcomed with open arms if he’s still at the helm next season.
@olishaw1985: It’s time to force him out. Get the 49ers investment lot in and move away from Elland Road into a new stadium, I know a few fans won’t like that last part 😬
@no_context_Hans: Leeds…. Leeds are falling apart….. again 🤷🏻♂️
@RiddledBlues2: That Radrizzani is a fucking lunatic.
@Nufc2Everything: Mike Ashley 2.0 #LUFC #NUFC
@robmulholland: Andrea Radrizzani is a fucking cunt. Always has been, always will be. How he gets a pass from so many of our fans I’ll never know but this is surely the end of that. Fucking sickening this.
@MacIsBack_93: Strap yourselves in guys, we’re off on a league 1 tour again soon #lufc
@scottywhiteley: This is an absolute disgrace. Even if it doesn’t go ahead as security, the fact he’s considered and got terms on this shows the measure of the man. No coming back from this, buyout needed asap otherwise we’ll be back in the doldrums once again #lufc
Radrizzani is Bates, Cellino and Risdale rolled into one. Drunk on power, hubris and vanity.
This is unforgivable. #LUFC pic.twitter.com/ky1mc8Ywlx
— Jacques (@jacqueslufc) June 1, 2023
The irony of having all these plastered round Elland Road is quite hilarious really…
“Side before self, every time”
“The only place for us”
“Football is for the fans”@andrearadri sell up*, and fuck off.
*include YOUR Elland Road in the sale. #lufc pic.twitter.com/UloCQRgEoW
— Right In The Gary Kellys (@RITGK) June 1, 2023
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