The group, which is the investment arm of NFL franchise the San Francisco 49ers, bought a 15 per cent stake in Leeds in 2018 and have steadily increased their shareholding ever since.

It means that Andrea Radrizzani’s Aser Ventures group, who bought into Leeds in January 2017 before buying 100 per cent of the club in summer that year, have seen their share drop to 56 per cent of the club.

Chief Executive Angus Kinnear said: “We are delighted to see Aser Ventures strengthen their partnership with 49ers Enterprises who have clearly been impressed by the quality of the project.

“Aser Ventures and chairman Andrea Radrizzani remain unequivocally committed to the club, whilst all those involved with the 49ers are actively working with our management team on a daily basis to help to drive us forward, putting us in a strong position to achieve our goals in the coming years.”

49ers enterprises are represented by Paraag Marathe on the Leeds board, while Peter Lowy is another board member and significant investor through the investment vehicle.

Lowy was previously co-CEO of the Westfield Group and is a lifelong Leeds fan.

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