Leeds chairman Andrea Radrizzani has agreed a deal to sell his controlling stake in the club to co-owners 49ers Enterprises.

As a result the American investment group, owner of NFL franchise the San Francisco 49ers and a minority shareholder in Leeds since 2018, will take full ownership.

“Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club,” said a statement.

“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.”

49ers Enterprises increased its stake in Leeds to 44 per cent in 2021 with the option of buying Radrizzani’s remaining 56 per cent before January 2024.

The Americans had been keen to push through a full takeover this summer, but that agreement, which had valued Leeds at around £400million, was contingent on the club remaining in the Premier League.

Leeds’ relegation last month forced both parties back into intense negotiations and a valuation of close to £170m has been agreed.

The deal marks the end of Radrizzani’s six-year ownership of Leeds. He completed a full takeover from fellow Italian Massimo Cellino in 2017 and initially proved hugely popular.

Radrizzani bought back Elland Road stadium, which had been in private ownership since 2004, and brought in fresh investment when 49ers Enterprises purchased its first 10 per cent stake in 2018.

The appointment of Marcelo Bielsa soon after proved a masterstroke as Leeds won promotion back to the Premier League for the first time in 16 years.

49ers Enterprises has steadily increased its stake, while Radrizzani’s relationship with the Leeds fanbase began to sour when Bielsa was sacked in February 2022.

Leeds escaped relegation on the final day of the 2021-22 season under Bielsa’s successor Jesse Marsch and Radrizzani promised that the club would not be involved in another survival fight.

But results this past season failed to improve and after Marsch was sacked in February, his replacement Javi Gracia and then Sam Allardyce, appointed with four games remaining, failed to halt the slide.

When relegation was confirmed with a final-day defeat to Tottenham, Radrizzani was absent from Elland Road, opting instead to remain in Italy to finalise his takeover of Sampdoria.

He later admitted Leeds’ board had made mistakes and apologised for the club’s relegation in a personal statement posted on social media.

But after it emerged he had offered to use Elland Road as collateral when securing a £26m bank loan to buy Sampdoria – one of his companies and not Leeds owned the stadium – his legacy was further tainted.

Leeds chairman Andrea Radrizzani has apologised to the club’s fans following relegation from the Premier League.

In a personal statement posted on Twitter, Radrizzani admitted the board of directors had made mistakes and hoped to make some “key appointments in different areas of the club”.

But the 48-year-old Italian, who is part of a consortium that has completed a takeover of Sampdoria, made no mention of a possible change of ownership at Leeds.

Radrizzani said: “The last few days have been very difficult for everyone associated with Leeds United.

“I find it very hard to find the right words to say, other than to apologise to all of our fans for the club’s relegation. I am sincerely sorry for how this season has unfolded.

“We have made significant investments to try to keep Leeds United in the Premier League, but in working hard to improve the club, we have also obviously made some mistakes.

“We are reflecting on the decisions that we have taken to ensure we learn the lessons to improve our club and make progress in the future.

“Leeds supporters deserve more than this. You understand the journey on which we have embarked, and I hope that once the anger and disappointment has subsided you will see that we can come back stronger.”

Radrizzani’s company Aser Group, in partnership with finance company Gestio Capital, announced on Tuesday night that they had concluded a deal to save financially-stricken Sampdoria, recently relegated to Serie B.

It had been expected that that deal would lead to Radrizzani selling his 56 per cent stake in Leeds to American co-owners 49ers Enterprises.

The financial arm of NFL franchise the San Francisco 49ers increased its stake in Leeds to 44 per cent at the end of 2021 with a deal in place to buy Radrizzani’s stake and take full control before January 2024.

But that deal was contingent on Leeds remaining in the Premier League and it would appear Radrizzani is now intent on leading them back to the top flight.

“We have invested heavily in Leeds United since 2017 and worked hard to get back to where the club deserves to be,” he added.

“With the support of our partners, we can continue that journey to bounce back.

“I am proud of the progress we have made in recent years. We have become a club that can attract exciting players, we are strong commercially, we have seen improvements to the academy, introduced a women’s side and so much more.

“In many ways the club has been transformed and we are committed and determined to continue on this journey.

“I do not like to make false promises, there is still a lot of work to do and change is 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. We will keep you all updated throughout the process.”

Leeds’ three-year stay in the Premier League ended last Sunday when they lost 4-1 at home to Tottenham.

The Yorkshire club have employed three managers during a disastrous campaign, sacking Jesse Marsch in February and then Javi Gracia earlier this month before appointing Sam Allardyce for the last four games.