Radrizzani '˜proud day' as Leeds buy back stadium

The bold talk of several previous figures at the Whites helm about buying back Elland Road from its private owner was both consistent and omnipresent.

But in the final analysis, the utterances proved words rather than deeds. Until now, that is.

United chairman Radrizzani has, indeed, proved as good as his word in agreeing a deal to buy back the ground and activating a clause allowing the club to repurchase a stadium which they sold for a knockdown £8m back in November 2004 to Manchester businessman Jacob Adler.

As statements go, the move made by the Italian is a major one and after pledging his desire to buy back the stadium ‘maybe by the end of the summer’ when speaking just over a month ago, he has already ‘walked the walk’.

It is a significant watershed moment for Leeds, whose financial fire-fighting resulted in them selling the ground 13 years ago in a bid to help ease their crippling debts, with the sale of the club’s Thorp Arch training ground raising a further £4.2m.

The costly Elland Road rent paid over the intervening years by the club means that the landlord – Teak Commercial Limited, a firm based in the British Virgin Islands – has received more than double the purchase price, with the buyback price, which like the rent rose every 12 months, believed to be around £17m.

The club did have the option to buy back Elland Road for a set fee by 2029, when their 25-year lease ended. But after years of conjecture, it has finally been exercised.

For Radrizzani, purchasing the stadium was always the first key component of his grand vision dubbed ‘Elland Road 2020’, a wide-ranging plan which aims to develop the land surrounding it.

The club also confirmed that the saving in annual rent, thought to be in the region of £1.7m per year will be spent on “the academy, the squad and important improvements to the stadium.”

In a statement released late yesterday afternoon by the club, who confirmed that Greenfield Investment Pte Ltd, the parent company of Leeds United, had completed the purchase, Radrizzani said: “Today is an important day in our history and a proud day for me and my team.

“When I met with 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 am delighted to be able to announce that we have completed that process today.”

Alongside wider development plans around the stadium, building work is already underway across the West Stand to make improvements, with the first phase to be completed for the start of the season, with Radrizzani keen on making the ageing stadium a thoroughly modern 21st century facility.

Speaking last month, the United supremo also revealed that the club were in talks with Leeds City Council over finding a site for a new training ground and to relocate from their current Thorp Arch base further down the line. Part of the club’s plans for extensive work to the land surrounding Elland Road are understood to include the construction of a new training centre by 2020.

The costly collective rent of both Thorp Arch – which became United’s training ground in 1994 when the club moved away from the old Fullerton Park pitches – and Elland Road stood in the region of £2.2m a year – a significant percentage of the club’s £30m outgoing costs.

A buyback inserted in the Thorp Arch rent deal expired in 2009, with efforts by the club to purchase the training facility in conjunction with the Council in a proposed £5m deal falling through ahead of the deadline.

But Radrizzani has been proactive and quick to engage in constructive dialogue with council leaders and has already spoken of the genuine positivity and 
goodwill on both sides, a feeling that is crucially being reciprocated.

Leader of Leeds City Council Judith Blake said: “It is fantastic news that the club have confirmed the buy-back of Elland Road Stadium.

“This is an extremely positive step in the right direction for everyone associated with Leeds United and especially the club’s tremendous and loyal fans.

“As we prepare for the new season to begin in August, I very much welcome the intent being shown by Andrea to move the club forward with real purpose and ambition.”