The Sky Bet Championship club announced the agreement with Teak Commercial Limited

Leeds’ Elland Road stadium is under club ownership for the first time in 13 years after Andrea Radrizzani completed a deal to purchase the ground.

The Sky Bet Championship club announced the agreement with Teak Commercial Limited, a firm based in the British Virgin Islands and owners of Elland Road since 2004, on Wednesday.

A club statement read: “Leeds United Football Club is delighted to announce that Greenfield Investment Pte Ltd, the Aser Group Holding company and parent company of Leeds United Football Club, has completed the purchase of Elland Road Stadium.

“The agreement concludes a successful negotiation process with Teak Commercial Limited, the landlord, and achieves what owner Andrea Radrizzani had set out as a top priority in allowing the Championship club to buy back its stadium following the completion of Radrizzani’s takeover of the club from Massimo Cellino.”

Elland Road was sold in 2004 for £8million during Leeds’ financial crisis which saw the former English champions spiral from the Champions League into the third tier of domestic football.

But Radrizzani made the ground’s purchase a priority after taking control of the club.

Radrizzani said: “Today is an important day in our history and a proud day for me and my team.

“When I met with management and supporters during my first few months at the club the purchase of Elland Road was very high on their list of priorities and I’m delighted to be able to announce that we have completed that process today.”

Leeds said the savings on “considerable” rental fees will be redirected towards the first-team squad, academy and improvements to the stadium.

Building work is already under way on the West Stand and will be completed for the start of the season, United added.

Leader of Leeds City Council Councillor Judith Blake added: “It is fantastic news that the club have confirmed the buy-back of Elland Road Stadium.

“This is an extremely positive step in the right direction for everyone associated with Leeds United and especially the club’s tremendous and loyal fans.

“As we prepare for the new season to begin in August, I very much welcome the intent being shown by Andrea to move the club forward with real purpose and ambition.”