Leeds chairman Andrea Radrizzani has agreed a deal to sell his controlling stake in the club to co-owners 49ers Enterprises, the recently relegated Premier League club said on Friday.
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 percent in 2021 with the option of buying Radrizzani's remaining 56 percent before January 2024.
That agreement, which had valued Leeds at around £400 million ($500 million), was contingent on the club remaining in the Premier League.
Leeds' relegation last month forced both parties back into negotiations with the deal now reportedly worth a valuation of just £170 million.
Italian businessman Radrizzani bought Leeds in 2017 and helped lead the club back to the Premier League for the first time in 16 years as the appointment of Marcelo Bielsa as manager proved a masterstroke.
However, after just three years back in the top flight, Leeds will find themselves in the Championship next season after finishing 19th in the Premier League.
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