June 2 – Sam Allardyce, drafted in a last ditch attempt to save Leeds United from Premier League relegation, has left the club after just four games in charge.
It comes at a time when Leeds fans, angry at the club’s relegation, were also voicing concern over majority shareholder and chairman Andrea Radrizzani’s reported offer of the Elland Rd ground as security for his acquisition of Sampdoria, who will be relegated from Italy’s Serie A this weekend.
Allardyce (pictured) was brought in on a temporary contract as a replacement for Javi Gracia, but the former England, Bolton and West Ham manager could only manage one point from a possible 12.
“Leeds United and Sam Allardyce can confirm that both parties have mutually agreed for Sam’s spell at the club to end following the completion of the 2022/23 season,” read a club statement.
Radrizzani was not at Elland Road for the final game of the Premier League season but was in Italy negotiating the Sampdoria deal and reportedly using Elland Rd as security for a £26 million loan to fund the acquisition.
Radrizzani’s company Aser and his partner Gestio Capital had an arrangement with Italian Banca Sistema to use Elland Rd as collateral to help fund the Sampdoria purchase. The bank would charge an interest rate of between 6 and 9% per year for a two-year bridging loan that could be extended for a maximum of ten years.
Leeds fans have been furious over Radrizzani’s reported move and demanded he leaves the club. He had been expected to sell his shares to 49ers Enterprises, but with Leeds relegated the valuation of the club has slumped.
The US investors already own 44% of the club and had been expected to complete a deal over the summer for Radrizzani’s controlling stake which would value the whole club at about £300 million.
Realistically the club’s value is now half that with some reports that Radrizzani’s stake is worth just £26 million. He bought the club for £45 million in 2017.
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