The approval, which came via appeal after being initially turned down by the Football League, will see Eleonora Sport take a 75% stakeholding in the club while former majority shareholders GFH Capital and investors will retain 25%.
Completion of the acquisition will see Massimo Cellino take up the position as President of Leeds United, and he will head up a new-look board.
The club’s managing director David Haigh will become Chief Executive Officer, and he paid tribute to all parties involved in the deal.
Haigh said: “This is a significant day in the history of Leeds United. Since GFH Capital took over the club in December 2012, the stated aim has always been to introduce strategic investors to ensure a sustainable future for the club.
“I have met with many potential investors and worked closely with them, and I realised very quickly that Massimo is someone who has the attributes to take this club forward. He has a proven track record in Italy, and I believe the introduction of Eleonora Sport, coupled with Massimo’s drive and determination, will be key to a successful and sustainable future for this great football club.
“I’d like to thank the Football League, GFH Capital, and of course, Massimo and Eleonora Sport for all their hard work over the past few weeks in ensuring that this deal was able to progress.”
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