Leeds United owner Andrea Radrizzani has sealed a deal that brings ownership of Elland Road back in the hands of the club for the first time in 13 years.
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 to buy back Elland Road and return it to the club’s control ends 13 years of private ownership of the ground, which began in 2004.
Leeds have leased the ground in the intervening period, paying a seven-figure sum in rent annually, and the Yorkshire Evening Post report that the cost of exercising the buy-back clause earlier this year stood at at around £17million.
United fans will be over the moon at the venue returning to the ownership of the club as it will give them greater autonomy over its development and use, as well as the potential to generate increased revenues.
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.
“Today is an important day in our history and a proud day for me and my team,” Radrizzani told the Leeds website.
“When I met with both management and supporters during my first few months at the club, the purchase of Elland Road was very high on their list of priorities and I’m delighted to be able to announce that we have completed that process today.”
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.