Leeds United owners 49ers Enterprises, the investment vehicle spun out of the San Francisco NFL franchise, are making more big moves in sports business.
The 49ers first bought into Leeds in 2018, incrementally increasing their stake until the summer of 2023, when they assumed full control following the departure of Andrea Radrizzani.
Leeds United were promoted back to the Premier League in the 49ers’ second full season in charge, with Daniel Farke’s side having enjoyed a steady if unspectacular opening five matches.
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The West Yorkshire side, one of the most commercially successful in Europe and with designs to significantly increase capacity at Elland Road, one day hope to be looking much higher than 12th place.
But for season number-one back in the top flight, their current footing will do nicely. The aim in 2025-26 was always to stay in the division, where TV money alone is worth a bare minimum of £110m annually.
The Premier League’s domestic TV deal with Sky Sports and TNT Sports is worth around £6.7bn in its current cycle, and – in a unique feat in world sport – is surpassed by the international rights.
It was English football’s globality that attracted the 49ers to Leeds, despite the fact the club has broken even on an annual basis just five times in the 21st century, with cumulative losses of over £300m in that time.
Leeds United profit and loss chart
Credit: Adam Williams/TBR Football/GRV Media
On the other side of the Atlantic, by contrast, the San Francisco 49ers are in the habit of posting chunky profits and – yuck – delivering value for shareholders.
And for Leeds, the latest developments in California may be a sign of what is to come at Elland Road.
49ers sell stake in NFL franchise, achieve £6.5bn valuation
As broken exclusively by TBR Football in August, the 49ers are targeting a valuation of £1bn before they eventually part company with Leeds.
Only a handful of clubs in the history of football finance have ever traded for a sum bigger than that – but £1bn is small fry in the world of the NFL.
Their monopoly over the sport of American football, system of salary caps and revenue sharing, and a cooperative approach among the league’s ownership groups deliver profits every single year.
The San Francisco 49ers generated league-high ticketing income of £131m across just eight regular-season games in the last financial year, compared to Leeds’ £31m across around 25 home matches.
Photo by Carl Recine/Getty Images
These kinds of statistics are reflected in Paraag Marathe’s valuation of the team.
This week, Marathe – who is chairman of Leeds United and president of 49ers Enterprises – has sold a 3.2 per cent stake in the NFL franchise for around £208m.
That gives the business as a whole an implied valuation of around £6.5bn.
Could Leeds United welcome more minority shareholders?
49ers have already sold a minority stake in Leeds to Red Bull, believed to be around 10 per cent of the club’s total equity.
And in practice, though 49ers’ top brass steer the ship, Leeds have dozens of minority shareholders through the private equity phalanx. Will Ferrell and Michael Phelps, to name a couple.
Last week, TBR Football brought you news that IDC Sports, another private capital firm, had bought into Leeds via 49ers Enterprises.
Photo by George Wood/Getty Images
The 49ers have been seeking minority investment in their NFL franchise for some time, and Marathe is on record espousing the virtues of selling smaller equity stakes as a means of realising value.
Could this be what is in store for Leeds? A piecemeal sell-off as opposed to a full takeover?
The investment deck seen by TBR Football suggests that an exit three years from now is possible, although several dominos would have to fall in the right way for the 49ers to get the desired £1bn return.