Leeds have confirmed an agreement between Aser Ventures and 49ers Enterprises has been agreed for the sale of the club.
Fresh talks over the past 24 hours mean Andrea Radrizzani will sell his majority stake at United and bring his six-year spell at Elland Road to an end.
Leeds suffered relegation in their third season back in the Premier League, failing to climb out of the bottom three due to a string of poor performances under Jesse Marsch and then Sam Allardyce.
It will still take a few weeks for the takeover to be completed while EFL approval is sought – certain officials from the 49ers’ investment group will have to pass the EFL’s Owners’ and DIrectors’ Test.
A statement reads: “Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club.
“Both parties continue to work through the details, and further updates will be provided soon.
“All of our focus remains on a quick return to the Premier League.
“Thank you for your continued support.”
49ers Enterprises, who own the San Francisco 49ers, bought a 15% stake in Leeds in 2018 which increased to 44% in 2021.
Radrizzani purchased the club outright in 2017 for £45m but his ownership later dwindled to 56%.
Leeds are without a first team manager following Allardyce’s departure and also need a replacement for Victor Orta who is no longer director of football after quitting last month.