Good Morning. It's Tuesday 23rd May, and here are the latest headlines from Elland Road...
Radrizzani's Future at Elland Road in the Spotlight
Elland Road journalist Phil Hay has revealed that if by some miracle Leeds stay up, the takeover would be signed, sealed and delivered by July 1st, at the latest. Discussions with the investment group behind 49ers Enterprises, which includes at least one unidentified US political figure have been gathering pace over the last few weeks, as both sides strive to find common ground.
Radrizzani is open to selling Leeds Utd, whichever division they are in next season; and already has his heart set on Sampdoria, having recently bid £50m for the troubled Serie A outfit. The 49ers are also keen to do business, but only at the right price. As a top flight outfit, Leeds are believed to be worth between £400m-£500m, but should they get relegated, that figure drops to around £150m.
Radz would almost certainly need to sell his shares if he is serious about reviving Sampdoria's fortunes. He doesn't have the kind of funds to keep both clubs afloat, and after a turbulent season at Elland Road, Hay believes the takeover will finally take place this Summer...
The expectation is [if Leeds stay up] that the sale would go through by July 1 at the latest but in effect, the handover would start more rapidly. The investment group behind this 49ers Enterprises project - made up of entrepreneurs, private equity firms, businessmen such as current Leeds director Peter Lowy and at least one unidentified US political figure - has been in place for some time and ready to buy Radrizzani out under the agreed terms, provided Leeds retained their Premier League status.
However, the agreement with Radrizzani in its current guise will be void if Leeds go down. Nonetheless, 49ers Enterprises remain intent on buying Radrizzani out, or at least securing majority control, even if relegation happens. Discussions to that effect have been taking place and gathering pace over the past few weeks, driven by the realisation that a bottom-three finish was increasingly likely and that the amount of work to be done this summer would be substantial either way.
Radrizzani is open to selling in the event Leeds find themselves back in the EFL next season, so long as the numbers work for him. That is the crux of discussions as it stands: relegation promises to significantly reduce Leeds’ value and 49ers Enterprises would only be willing to buy at a much lower price, somewhere in the region of £150million ($186m). It is not clear if Radrizzani is prepared to drop his valuation to that level.
He was pictured in his Italian homeland yesterday (Monday) and, as reported by The Athletic over the weekend, he is part of a group who are attempting to buy Sampdoria, who were relegated from Italy’s top flight two weeks ago. Radrizzani would almost certainly require funds from the sale of Leeds to help secure the purchase of the Genoa-based club.
His involvement in those talks, all while Leeds are themselves on the brink of going down, suggests he is going to exit Elland Road, and soon — but even so, he and 49ers Enterprises are not yet agreed on the terms of a post-relegation takeover.
Players salaries set to be halved as Championship awaits
In the event of relegation, every Leeds Utd player can expect their salary to be cut by between 50 per cent - 60 per cent. According to Phil Hay, the hefty pay cuts are in line with the terms and conditions of all contracted players, as the club look to cut their cloth accordingly.
Last season, (21/22), Leeds' wage bill was a staggering £121m. Unfortunately, since then, things have only got a lot worse, with the likes of Georginio Rutter, reportedly earning £90,000 a week, players like Llorente being offered new lucrative deals, and lets not forget; five years of wages (£24m) owed to Jean-Kevin Augustin. To put that in context, that's nearly as much as the annual salaries of Rotherham (£6.4m), Blackpool (£6.1m), Coventry City (£6.1m) and Luton Town (7.8m) put together.
Hay has suggested Leeds could raise between £150m-£200m in sales, if necessary to reshape a squad, suitable for the rough and tumble of the Championship. Few players have covered themselves in glory over the past two seasons, and in truth it may well come as a relief when the decks are cleared, so these overpaid prima donna's can leach off someone else.
People criticise Peter Ridsdale, but at least we were competitive, and enjoyed European football, more than could be said for our present regime!
McKennie set to leave whatever happens
Whether Leeds stay up or not, Weston McKennie will not be at Leeds Utd next season. That's according to Phil Hay, who revealed that both the USA International, and Leeds were not interested in each other. Former Director of Football Victor Orta bought the 24yo to Elland Road in January to beef up their midfield, and give them more shooting options, but things haven't really worked out.
His 1380 minutes of game time has only really come about, due to an injury to Tyler Adams. With a 'Whoscored' rating of just 6.44, (leaving him 18th in the ratings), it's no surprise Leeds aren't interested. Jack Harrison could be set to leave the club too. The 26yo has a relegation clause in his contract, but at least they'll get a decent fee for him, having signed a new five year deal in January.
