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Leeds chairman offered Elland Road as security to secure a bank loan to buy Italian club

talksport.com, 1 June 2023, 12:14
Leeds chairman Andrea Radrizzani reportedly offered up Elland Road as collateral when securing a £26million bank loan to buy Sampdoria.

The 48-year-old, who is the Whites' majority owner, recently announced he had agreed to purchase the newly-relegated Serie A side.

And according to The Athletic, an agreement in principle saw him offer up Leeds' stadium when acquiring the funds needed to assume control of the Italian outfit.

The news outlet states that Radrizzani took out a £26m loan from Italian bank Banca Sistema - where he was willing to use Elland Road in order to gain approval.

It has been said that the ground could act as security for Radrizzani for up to ten years.

Though they have declared that it is unknown whether Elland Road was included in the final deal, or if he used a different route to secure the loan.

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But if it was included in the final agreement, it runs the risk of the stadium being possessed by the bank should Sampdoria financially implode.

Leeds do not own the rights to Elland Road, instead, the owners of the stadium are a UK company called Elland Road Limited - where Radrizzani is a director.

It remains to be seen whether Radrizzani will continue as Leeds' chairman following the club's relegation from the Premier League.

Minority shareholders 49ers Enterprises were close to striking an agreement in the event Leeds would stay up.

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But no price was set in the case they would drop down into the Championship.

The Athletic have also claimed that the 49ers were left in the dark by Radrizzani's choice to use Elland Road as security in his bank loan.

They have claimed that Radrizzani refused to respond when they asked him whether the stadium has been included in the agreement.

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