June 16, 2024

Leeds United owner Andrea Radrizzani is set to complete a takeover of Sampdoria on Monday after winning to the race to buy the club.

That’s according to Gazzetta dello Sport, who say the current Leeds owner and his partner, via the Gestio Capital fund, have ‘convinced the board’ at the Italian club to sell to them.

The newspaper explains that there is ‘white smoke finally’ in the bidding for Sampdoria, who will officially be handed over to Radrizzani and Matteo Manfredi on Monday.

They are formalising a deal for the Italian side, alongside investors such as QSI and Aser, and have managed to beat competition from Italian businessman Alessandro Barnaba.

Radrizzani only recently joined the race for the club but has convinced Sampdoria’s board of directors, the creditor banks and advisors with the proposal he has made to take over.

His strategy was seen as the best in terms of debt restructuring, with everyone set to recover a greater amount and quicker than they would have under Barnaba.

 

Their proposal also means that ownership of the club will be transferred to them, something which wasn’t going to happen under Barnaba, at least not straight away.

Work is now underway to complete the operation and save the Italian club, with the Leeds’ owners proposal set to be formalised in a shareholder’s meeting on Monday.

Before then there will be a ‘ratification of the agreements’ between Radrizzani and current owner Massimo Ferrero. A draft agreement has already been signed by the current board and endorsed but not yet signed by Ferrero.

The deal will cost somewhere around €30m, which will see Ferrero, who fans of the club want gone, depart and Radrizzani and his consortium come on board.

The Leeds chief will immediately have to get to work, with salaries needing to be paid by May 30th, before they receive parachute payments for relegation.

Then will come a summer rebuild and an attempt to get back to Serie A at the first time of asking, a task that may also be required at Leeds if things don’t go their way on Sunday.

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