Leeds owner ‘offers up Elland Road as COLLATERAL’ for bank loan to complete Sampdoria takeover
ANDREA RADRIZZANI has reportedly offered Elland Road as collateral to acquire a bank loan to complete the takeover of Sampdoria.
The Leeds owner is interested in taking over the Serie A side and intends to use the stadium as security for a £26million bank loan.
PAAndrea Radrizzani has reportedly used Elland Road to secure a bank loan[/caption]
PAThe ground has been Leeds’ home since 1919[/caption]
GettyThe loan is thought to be used to complete a takeover of Serie A side Sampdoria[/caption]
The Athletic have reported that Radrizzani and his company, Aser, and a bidding partner, Gestio Capital will use the loan to fund their buyout of Sampdoria.
The Genoa-based club has one more game to play in the Serie A season, but its bottom-placed finish has already been confirmed after a poor campaign on the pitch.
Radrizzani missed Leeds’ final game of the season against Tottenham, which saw the club relegated from the Premier League after a three-year stay.
The Yorkshire side is majority owned by the Italian businessman but a minority stakeholder, 49ers Enterprises, are thought to be in talks to take control of the club.
Radrizzani has agreed to purchase the Italian club but less than a day later, it was learned that for Italian bank Banca Sistema to agree to the loan, it would be secured against Elland Road, which UK company Elland Road Ltd controls.
The stadium has been the club’s home since it was founded in 1919 and it is likely the usage of it to buy another club would anger fans.
In an email to The Athletic, Radrizzani wrote: “What Aser Ventures does with its assets which include several companies including Leeds United, Greenfield and Elland Road… it’s none of your business.
“You can do what you want but you are just trying to put Leeds United fans against myself. It is not nice.”
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And he refused to respond when asked directly if he had used Elland Road as security to secure the bank loan.
The Italian bought the stadium six years ago, and any potential future purchase of the club would include the historic venue, but that now that seems in doubt.
After the club’s relegation following the 4-1 defeat to Tottenham, Radrizzani wrote in a statement to fans: “I find it very hard to find the right words to say.”
He then added that “Change was needed.
“We need a clear strategy to continue our vision for the club and work is underway to produce this which we hope will be reflected in some key appointments in different areas of the club.”
