(Bloomberg) -- The Austrian company Red Bull GmbH has agreed to take a minority stake in Leeds United FC as part of a deal to become the second tier team’s official kit sponsor.

Red Bull runs a multiclub football network that includes Red Bull Salzburg, RB Leipzig, Red Bull Bragantino and the New York Red Bulls. There are no plans to change Leeds United’s name to incorporate Red Bull, a team spokesperson said. The size and cost of the stake was not disclosed.

The purchase is one of the most prominent deals since Red Bull’s management was overhauled following the death of its founder in 2022. The energy-drink maker bought a majority stake in pro-cycling team Bora-Hansgrohe earlier this year.

Red Bull appointed Oliver Mintzlaff as Chief Executive Officer for Corporate Projects and Investments after the death of its founder Dietrich Mateschitz in 2022. Mintzlaff previously led the company’s German football team RB Leipzig.

Leeds United, who lost in a promotion place play-off last weekend for a place in England’s lucrative Premier League, is controlled by the 49ers Enterprises, who also own the San Francisco-based NFL team. They assumed control of Leeds last year after buying out the Italian entrepreneur Andrea Radrizzani.

Since the acquisition, a number of minority investors have come on board, including the Hollywood stars Will Ferrell and Russell Crowe, alongside golfers Jordan Spieth and Justin Thomas. Last year, Bloomberg reported that Ackerley Partners, a private holding company for the Ackerley family that owns a stake in Seattle Kraken, bought a minority stake.

“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,” said Paraag Marathe, Leeds United chairman, in a statement. 

In an interview with Bloomberg, Marathe emphasized that there was “no option for control and no future pathway to control” for Red Bull.

Leeds made a loss of £33.7 million ($43 million) on revenue of nearly £190 million in the year to June 2023, according to the latest accounts from Companies House. The team was relegated from the Premier League in 2023. 

It’s not unusual for industrial and financial groups to take stakes in football teams. Adidas AG, Audi AG and Allianz SE all have minority stakes in the German Bundesliga team Bayern Munich, while Bayer AG owns Bayer 04 Leverkusen, the current German champions.

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--With assistance from Marton Eder.

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