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Leeds United have secured full ownership of their iconic Elland Road stadium, marking a significant milestone in the club’s history. This acquisition comes two decades after the stadium was sold during a period of severe financial difficulty. The move symbolizes the club’s recovery. Also, it underscores its commitment to maintaining a deep-rooted connection with its heritage.
Elland Road has been the home of the Whites since 1919. However, in 2004, the club sold the stadium for just $10m to manage a crippling debt of around $39m. This financial crisis stemmed from then-chairman Peter Ridsdale’s decision to take out substantial loans. Leeds wanted to repay them with revenues from television rights and sponsorships linked to Champions League qualifications. Unfortunately, the club failed to qualify for the UEFA competition in consecutive seasons, leading to a financial collapse and subsequent relegation to the third division.
In 2017, Greenfield Investment, part of the Aser Group, purchased Elland Road. The Aser Group was also the parent company of Leeds at the time. In December 2020, ownership transferred to a new entity, Elland Road Limited. This arrangement remained until July 2023, when 49ers Enterprises took full control of both the club and the stadium.
Significant corporate shift
Earlier in March, ownership of Elland Road Limited transferred to Leeds United Football Club Limited. Although this may appear as a subtle corporate restructuring, it holds broader significance. Leeds United chief executive Angus Kinnear emphasized that this move signals the ownership’s intent to ensure that Leeds United and Elland Road remain inextricably bound.
Elland Road is listed as an Asset of Community Value, a status formally approved by Leeds City Council following an application by the Leeds United Supporters’ Trust. This designation means that if the stadium and its land were to be put up for sale, the local community would have the…
Source link : https://worldsoccertalk.com/news/leeds-finally-decide-on-elland-road-stadium-after-20-years-saga/
Author : Martina Alcheva
Publish date : 2024-07-11 17:45:17
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