Leeds United will pay around £20million to reclaim ownership of Elland Road, according to a reliable journalist.
Radio Yorkshire correspondent Joe Rawson took to Twitter on Wednesday evening shortly after the club announced that owner Andrea Radrizzani had agreed the terms of a deal which will bring the stadium back under the control of the club.
Rawson, who is a reliable source of Leeds news, reported on his personal Twitter account that the cost of exercising the buy-back clause will be around £20million.
The cost of the buy back of Elland Road around 20 million pounds. It will save the club 1.7 million pounds a year in rent #lufc #mot
— Joe Rawson (@joerawson) June 28, 2017
Leeds have leased Elland Road since it went into private ownership in 2004 and Rawson claims they have paid an annual rent of £1.7million.
United announced on their official website on Wednesday afternoon that Leeds’ parent company Greenfield Investment Pte Ltd has completed the purchase of the historic stadium.
The deal was immediately greeted with universal acclaim by supporters as it gives the club far greater financial power and the ability to punch its weight on commercial deals associated with Elland Road.
Radrizzani explained when he took over as joint owner in January that he planned to “study carefully” the Championship club’s option to reclaim the historic stadium.
He has managed to stand firm to his promise, which will further increase his standing in the eyes of supporters encouraged by developments in recent weeks.
Radrizzani has already sanctioned the signings of Poland international Mateusz Klich for £1.5million and ensured the loans of Hadi Sacko and Pontus Jansson have been converted into permanent transfers.
Former Leeds Massimo Cellino promised to bring the venue back under the club’s control soon after his takeover in April 2014 but was never able to fund the deal.