Leeds United: Westfield mogul Lowy issues ultimatum over £2bn project
Leeds United director and Westfield tycoon Peter Lowy has urged government to speed up plans for a multi-billion-pound redevelopment of the city.
The Premier League club’s American owners, 49ers Enterprises, have begun work on expanding Elland Road by more than 15,000 seats to a 53,000-capacity stadium.
But they want to make it the centrepiece of a wider urban redevelopment project, including a long-awaited tram line, which Lowy said could see the owners inject up to £2bn.
“The football club is managed properly. The football club has the capital to do the expansion,” said Australian Lowy, whose family are worth more than £6bn.
“If the government can actually allocate the capital and build the infrastructure, we could raise and invest somewhere between £1bn and £2bn on that side.
“If we can work with the government and they can move in a reasonable time period for government, we can invest the capital and build.
“Leeds is ready for it. If we don’t get it done this time, it will never happen.
“It does need to be done in a timely manner though because people like myself and the capital that we have won’t sit around for 10 years because we can invest wherever we choose to invest.”
Leeds political class ‘must get its act together’
Elland Road has not been upgraded since 1993 but 49ers Enterprises have made its expansion a strategic priority since becoming majority owners of Leeds in 2023 in a £170m deal.
Lowy has personally lobbied Chancellor Rachel Reeves – also MP for Leeds West and Pudsey – over the wider redevelopment and she has spoken favourably about the project.
Birmingham City’s US owners, Knighthead Capital, have embarked on a similar masterplan for England’s second city, using a public-private financing model.
West Yorkshire Mayor Tracy Brabin has backed proposals for a tram that would call at Elland Road but in December it emerged the plan had been delayed.
“We are doing all the pre-work with the city, just like we did on the stadium, for a masterplan for the area,” Lowy told the BBC.
“Last week Leeds Council approved a masterplan that we’ve been working with them on.
“We have the ability, if the transportation system is there, to build 2,500 housing units, maybe 200,000 square feet of offices, local retail, fresh food markets.
“What we need is the political class to get its act together. We don’t get any pushback from government at the moment, but they need to get aligned and get their job done.”