Radrizzani finalises £9m Leeds deal confirmed today
By Richard Parks
Nearly £9million of Leeds United shares have been registered by a firm controlled by owner Andrea Radrizzani, documents published by Companies House reveal.
Yorkshire Evening Post correspondent Phil Hay uploaded documentation of the rights issue to pave the way for new investment in the Championship club.
Companies House registered a near £9m sale of shares in the club today – understood to be the conversion of a loan from Greenfield (LUFC’s parent company) into equity to allow the investment deal to take place pic.twitter.com/XYmYiVC4Js
— Phil Hay (@PhilHayYEP) May 10, 2018
It comes after a loan of almost £9m made to the club by Greenfield Investment Pte Ltd, a firm controlled by Radrizzani’s investment company Aser, was converted into club shares last week.
Football Insider verdict:
Radrizzani has come to realise that a mid-table budget is rarely enough to seal a top-table finish. The promotion candidates are usually the ones who spend the most, unless a club can hire a manager capable of producing miracles, as Neil Warnock has done at Cardiff City but couldn’t do at Leeds. United posted a near-£1million profit on a £34million turnover in their most recent set of financial results, but had an operating loss of more than £9million. With the club’s wage bill rising to £20million, it had left Leeds at the top of their budget and with little room for growth. The proposed sale of equity would improve the financial strength of a club and free up more cash for the transfers desperately needed to transform a team that has been too mediocre for too long. More than £9million net is needed to transform Leeds into play-off certainties for next season, but it is a decent start.
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