Leeds United are ready to be ruthless under the ownership of the 49ers this summer.
This transfer window could turn out to be a historic few months of business in terms of Leeds’ future.
Many names have already been mooted with a move to Elland Road, and Daniel Farke is ready to spend big.
This comes after the Whites’ transfer budget was revealed with £150m to spend on signings, in an exciting opportunity for Leeds.
It’s certainly shaping up to be a summer of intrigue, but the remaining query is how the 49ers will structure this window sustainably.
Photo by Harry Trump/Getty ImagesLeeds United could secure £150m of cut-price signings thanks to 49ers deal
The idea of spending £150m on signings is certainly one which will be welcomed as the owners look to cement Leeds’ place in the Premier League.
It seems like Paraag Marathe is doing anything he can to contribute to Leeds having a successful season, as the 49ers sold a £6.4Bn stake to help fund the ongoing operations.
This was clear as the 49ers issued £120m worth of new shares to existing investors, which should hopefully help fund the spending plans the club have in place.
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Finance expert Adam Williams has spoken to LeedsUnited.News and has explained what could now happen with the structure of Leeds’ transfer window.
“If the mood music is that the recent £120m share issue is being ringfenced for transfers, that would indicate that Leeds are going to be front-loading a lot of their deals this summer,” Williams said.
“In layman’s terms, that means paying more of the transfer fees upfront rather than in instalments.
“That’s significant as it’s a pivot away from the strategy we saw under the previous ownership. They had transfer debt of £142m when their last accounts were published, and around half of that was due this season. That was by far the biggest in the Championship and would have been top half in Premier League terms.
Leeds United 23/24 accounts published: 🔑figures
Revenue £128m ⬇️33%
Wages £84m ⬇️42%
Amortisation £60m ⬇️27%
Underlying loss £70m ⬇️10%
Player sale profits £34m ⬇️54%
Loss before tax £61m ⬆️80%
Player purchases £38m
Player sales/departures £69m
Transfer fees paid for total… pic.twitter.com/6qFxQwuZLf— Kieran Maguire (@KieranMaguire) April 1, 2025
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“We don’t have their accounts for 2024-25 yet, but that £70m-plus in transfer instalments isn’t too far off their entire revenue if you subtract parachute payments.
“PSR wasn’t the only reason they had to sell so many players last summer, it was a cash flow issue too to deal with the instalments.
“It’s a perfectly legitimate way to structure your cost base, but it does mean things can get tricky if you’re relegated and your revenue falls off a cliff. So if this £120m is going largely towards transfers as opposed to running costs, that suggests a change of approach.
“A lot of smart clubs do it this way. Liverpool and Man City structure transfers with a more front-loaded approach. It also means you might be able to get deals a little cheaper than your rivals.
“Clubs tend to want money up front if possible. If the buying club doesn’t have the cash in the bank, the selling club can go to a creditor who will give them the money upfront in exchange for a commission. But obviously that’s an expense and would be factored into the original fee.
“So, I think if you have the money, which the 49ers do – they have just sold a minority stake in their NFL franchise at a ‘world-record’ valuation – then I think it’s sensible to take this approach.”
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Marathe can now fulfil ‘aggressive’ transfer pledge at Leeds United
With the approach changing and the strategy clear, Leeds can begin to pencil in their arrivals.
£150m is a brilliant amount of money, and if used wisely, the Whites can easily build on what has been an excellent season in the Championship, in the Premier League.
The 49ers are stamping their authority this window and won’t be afraid to throw money at problems if it means they have a better chance of staying up.
It’s a stark contrast from the last two windows, which have seen sale after sale, instead of arrival after arrival.
Marathe made a transfer window pledge that he ultimately ended his words with: “We want to be as aggressive as we can be, which is probably going to require us to be as creative as we can be as well.”
Now, he has the chance to fulfil it, and this new approach is certainly ticking the box of creativity.