According to The Athletic, 49ers Enterprises has turned to Allen & Co to examine the club’s valuation and gauge potential interest from outside investors.
Jed York, who leads the ownership group, has been involved in discussions with the bank as Leeds consider how to finance their next stage of development.
The immediate priority is understood to include the planned expansion of Elland Road, alongside further investment in the playing squad. The stadium project is expected to cost up to £200 million and would increase its capacity from 37,645 to approximately 53,000.
Leeds United received planning permission for the redevelopment in January, with the proposals covering extensions to the West and North stands and changes to the South Stand. The expanded ground would also meet UEFA Category 4 requirements.
The scale of the project has increased the importance of securing additional financial backing. Allen & Co will reportedly assess the club’s value and test the market for potential investors, although no agreement is guaranteed.
Any proposals would ultimately be considered by York, chairman Paraag Marathe and the wider board. The ownership group would have the final say over whether to accept an offer and the level of investment or shareholding involved.
There may also be an opportunity to raise money from existing shareholders rather than bringing in a new investor. Andreas Dracopoulos invested in the club in March and joined the board after acquiring shares.
The investment search comes after several years of progress under 49ers Enterprises, which completed its takeover in 2023. Leeds returned to the Premier League as Championship winners in 2025 and secured a 14th-place finish in their first season back in the top flight.
Daniel Farke’s squad was strengthened again during the summer, with the arrivals of Tarik Muharemović and goalkeeper James Trafford among the significant additions. Both joined as permanent signings, while the club also recruited Harry Wilson, Nico Elvedi and other reinforcements.
Leeds have made a positive start to the current campaign, sitting ninth after 10 matches. The owners’ ambitions, however, extend beyond maintaining their Premier League status, with the stadium redevelopment and continued squad investment forming part of a broader plan to establish the club at a higher level.
The appointment of Allen & Co signals that the ownership is exploring how to fund those ambitions, although the process remains at an early stage.