Topic: And it was all going so well...
Leeds United Announces Agreement with Leeds Fans Utd
21st December 2018
We write to you with some exciting news. After 18 months of constructive dialogue we have agreed Heads of Terms on introducing supporter investment into Leeds United.
Later today the Club will announce that the aim of our investment will be to help fund plans to build a new training facility and sports village at Elland Road. The investment will secure a new class of shares ensuring that supporters who commit will have a voice in key heritage decisions.
This represents the culmination of a long journey for LFU and for you, our shareholders. Four years ago this week a group of Leeds United supporters got together to talk about how we could get a share of the Club for fans and Leeds Fans Utd was born. In April 2015 our Community Benefit Society was formed and since then over 2000 Leeds fans have committed over £500,000 of their hard-earned money to achieve that end.
At the LFU Annual General Meeting in March 2018 the Directors announced that we would allow existing shareholders to withdraw 90% of their original investment if they wished to do so and no deal had been agreed by the end of 2018. As we have now agreed Heads of Terms with the Club, the option to withdraw remaining investments will not be offered immediately; however, when the full conditions upon which the new class of shares can be acquired are announced, any existing shareholder will be able to ask for 90% of their original investment back if, for whatever reason, they no longer wish to remain a member of LFU and invest in the Club.
Once again, we want to express our heartfelt thanks for your support since we launched Leeds Fans Utd, and also thank Andrea Radrizzani, Angus Kinnear and Paraag Marethe for their vision and commitment. They understand that the bond between the Club and its fans is Leeds United’s very lifeblood and they have had the courage to put that vision into practice to create an unprecedented degree of fan control and involvement.
Further details of how supporters can get involved will be released in the New Year.
The LFU Exec.