From Athletic:
Can we get the current status of the EFL ratification of the 49ers’ takeover — directly from the EFL? (Telly H)
OK — this is a condensed version of a much longer question and also a catch-all for many similar queries about why the buy-out is still not official.
The problem when it comes to providing clarity is that the EFL never comments on club takeovers, publicly or privately. It never gives firm indications of timescales to the media and in certain situations, like this one, clubs themselves are in the dark about exactly when approval will arrive. Even now, Leeds don’t have any definite indication of a date. So how long is a piece of string?
To cut to the chase with the process, the EFL has to satisfy itself that everything and everyone associated with any takeover meets the required criteria. Relevant people — those joining a club’s board, for example — have to go through the Owners’ and Directors’ Test (O&DT) and demonstrate they are not subject to any condition, a criminal conviction for instance, which disqualifies them from being involved with a club. The EFL asks for evidence of where funding is coming from and whether that funding is sufficient, backed up by a business plan.
Needless to say, this requires paperwork and processing the paperwork takes time. 49ers Enterprises did not and still doesn’t expect any issue with its takeover, not least because some of those involved in it — Paraag Marathe and Peter Lowy for two — are already board members at Elland Road and have passed relevant checks in the past. But anyone who the EFL deems to be relevant has to go through its test and the EFL will not ratify a takeover until every box has been ticked. As an example, one member of the group has a small stake in Plymouth Argyle. That has to be disposed of to prevent a conflict of interest.
None of which is very helpful in answering the original question. All that can be said is that nobody is suggesting the buy-out is in any way in doubt. It simply seems to be a case of waiting for the administrative grind to conclude so the club can secure ratification and properly move on.
Just thought I’d post his latest on the TO process
