49ers enterprises is an investment company, no different to Goldman Sachs ... they don't only invest in sports clubs, but have investments in software and infrastructure companies as well for a clue
The investors invest based on what they've been sold, and they can either invest in the entire fund or in specific investments, like Leeds
As investors they won't be involved in decisions regarding transfers as they won't be asked to fund the transfers due to the money already being in the fund ... they may be asked to consider investing more to help guarantee their investment will succeed, but that still won't allow them decision-making powers
The fund managers (Marathe and Martins) control the money and decide where to invest and how much ... they will run Leeds United's finances and sign off funding of transfers and contracts ... they will also make all decisions on sales and loans, investors won't
The problem any fund faces is that if the investment starts to lose its sparkle, investors may start to consider withdrawing their money by selling their shares in the fund ... in the case of investment in Leeds, any selling of shares will be caveated by only being able to sell back to 49ers and not on the open market, like you would be able to do with Tesco shares for example ... this is to stop somebody buying up all the smaller shares in Leeds to try and force a potential takeover
Paraag is the king pin at Leeds, he will be making all the calls with his business partners and his management team ... investors are along for the ride and they have to trust the fund manager's judgement, and if they don't like it they can take their money out which isn't helpful for the fund ... expect there to be a limit on how long the shares in Leeds need to be held before they can withdraw, and expect it to be 1 to 3 years before an investor in Leeds can sell their shares back to 49ers at the then market value
So if you're not happy with transfers and money being spent, Paraag's your man