49ers buy stake in English soccer club Leeds United with goal of waking 'sleeping giant'
The San Francisco 49ers delved into the world of English soccer on Thursday, buying a minority stake in former European Cup finalist Leeds United for an undisclosed sum.
Paraag Marathe, the 49ers' Vice President of Football Operations, told Paste BN Sports that proceeds from the team's investment will be used by Leeds towards the purchase of new players as the club seeks promotion from the second-tier English Championship to the highly-lucrative English Premier League.
Italian businessman Andrea Radrizzani remains the majority owner of the team.
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Marathe dismissed suggestions that the arrangement would be a loose partnership such as some deals between American and British sporting entities. In 2001, the New York Yankees and EPL giant Manchester United joined forces in a marketing deal that was formed to great fanfare but ultimately realized little commercial value.
“No, we are going to be involved,” said Marathe, who will have a seat on Leeds’ board of directors. “We will be sharing a lot. Leeds is not a typical Championship club. The term ‘sleeping giant’ came up four or five times in our own discussions about this. What they are doing is similar to what the 49ers are doing … getting such a powerful brand back to where it belongs.”
Leeds has a rich history. It had a dominant run in the 1970s and made the final of the European Cup – which would later become the UEFA Champions League – in 1975. Leeds also made the semifinals of that tournament as recently as 2000 before financial mismanagement and declining performance led to bankruptcy and relegation to the lower league. Having spent the past eight seasons in the Championship, Leeds is now looking upwards, towards the Premier League riches.
“We think there are a lot of ways in which we can offer value,” Marathe added. “Ticketing strategies, stadium development, retail opportunities. We bring a fresh pair of eyes, and we can also look at the way things are done in English soccer, like how the role of academies develops talent for the teams.”
Radrizzani took sole ownership of Leeds last May, buying out controversial former owner Massimo Cellino.