Red Bull and 49ers Enterprises are among the richest owners in football, worth around £5bn and £20bn each. But that is dwarfed by the wealth of the man who Leeds United have just linked up with.
Red Bull’s sake in Leeds is not officially known, although some reports have suggested it is around 10 per cent. The 49ers meanwhile own the rest of the club’s equity after buying out Andrea Radrizzani in 2021.
Ultimately, the owners’ combined net worth, assets under management, or brand value is only relevant to Leeds themselves within the parameters of Profit and Sustainability Rules, or ‘PSR’.
The club’s headroom under PSR – and by extension the amount they are allowed to spend in the transfer market – is in turn linked to their revenue.
Fortunately, Leeds’ revenue will be among the highest if not the highest in the Championship this season.
If and when the Whites return to the Premier League, both the scale and loyalty of the fanbase means they have the potential to challenge the very biggest clubs in the country in PSR terms.
Leeds had the highest commercial income outside the ‘Big Six’ in their last season in the top flight, while plans to expand the Elland Road will see them rival the big boys in terms of matchday income too.
Red Bull and, to a lesser extent, the 49ers will always be somewhat divisive owners because of their business models, which are focused on brand exposure and capital appreciation.
However, the bare facts suggest that the ownership duo have the facilities to take Leeds far thanks to their expertise in the technical side of sport, their contact books, and their expertise in raising revenue.
Whether their model will work for bedrock fans – who, ultimately, will be seen as units of consumption by Leeds’ owners – is a fair and important question.
But one thing is for sure – even in the Championship, Leeds are attracting the attention of the biggest players in football finance.
And the latest news from Red Bull HQ shows just how wide their web is stretching.
Red Bull take over French club who want to rival Paris Saint-Germain
Red Bull have had perhaps the biggest few months in their history within football in the second half of 2024.
As well as signings a flurry of commercial deals with Premier League sides, Red Bull have also completed two new club takeovers.
A few months ago, Red Bull bought Japanese side Omiya Ardija, who are now ‘RB Omiya Ardija’.
Red Bull performed the customary rebrand that Leeds have so far managed to avoid, changing the club crest and colours to reflect their multi-club identity.
Now, Paris FC might become the latest club to get the Red Bull treatment, with it confirmed late last week that the Ligue 2 club have been bought by a consortium that includes the Austrian energy drinks titans.
The deal, which is believed to be worth around £75m, will see Red Bull take a 10.6 per cent stake in the club, who want to rival Paris Saint-Germain with their monopoly on football in France’s capital.
Significantly, the largest individual shareholder in the deal is the Arnault family via their Agache holding company.
The patriarch of the Arnault family is Bernard Arnault, the LVMH CEO who is currently the world’s fifth-richest man with a net worth of around £128bn.
Where do Leeds United fit into Red Bull’s multi-club network?
In October, it emerged that Leeds’ technical director Gretar Steinsson was set to leave his role for a broader position within 49ers’ global football group.
As it stands, Leeds are the only other football asset 49ers Enterprises owns, so it would appear as though the NFL executives are ready to launch a multi-club network of their own.
That would put Leeds in the curious – and virtually unprecedented – position of having a foot in two multi-club networks.
But Red Bull’s lack of operational control and seat on the board at Elland Road suggests that the minority shareholders are essentially using Leeds as a billboard, rather than a key piece of their multi-club strategy.
However, Red Bull’s recent moves within football have been inscrutable and it is difficult to say exactly what their plans might be.
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