Sunderland's Championship rivals announce major investment deal with Red Bull
The agreement will see energy drink firm Red Bull take up a minority investment stake in Leeds United
Sunderland's Championship rivals Leeds United have announced a multi-year agreement with Red Bull ahead of next season. Leeds lost 1-0 to Southampton in the play-off final last weekend and consequently missed out on promotion back to the Premier League at the first time of asking.
However, the club are already the bookmakers' favourites to win promotion next time around and they'll be boosted financially by the deal with Red Bull. The agreement sees the energy drink company take up a minority stake in the Whites, while it will also be the club's front of shirt sponsor.
In a statement released by the Yorkshire outfit on Thursday morning, the club claim the deal will help the club compete on and off the pitch. It comes with Leeds still owing £190m in unpaid transfer fees, according to the club's latest accounts.
“I am thrilled that Red Bull is joining us to build a bright future for Leeds United and shares our deep respect for this truly special club,” said Leeds chairman Paraag Marathe said. “As chairman, our consortium of investment partners will be invaluable to me as we approach this important moment for the club, now and into the future.
"Red Bull’s addition is a historic milestone that will further empower the club to reach its full competitive potential.”
Oliver Mintzlaff, Red Bull CEO Corporate Projects and Investments said: “We are delighted to be an important element and partner of Leeds United. A club that is certainly one of the biggest in England and has a rich and successful history.
"The ambition to bring Leeds United back to the Premier League and establish themselves in the best football league in the world fits very well with Red Bull. We look forward to the partnership and are optimistic and energized about the future."
This isn't Red Bull's first foray into football, of course, with the company famously owning clubs in Leipzig, New York, Brazil and Salzburg, while it also has a large stake in Formula One. However, this is the company's first major investment into the English game. Leeds' name, colours and stadium name will remain unchanged.