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Leeds owner Cellino close to selling Fiat 500

Leeds United owner Massimo Cellino looks set to offload Italian Serie A club Cagliari.

Cellino compared Cagliari to a Fiat 500 when he acquired what he called a Ferrari in Leeds last month and he has been looking for a buyer for the Italian club since and he has agreed a deal to sell the club to an unnamed American investment group.

The Italian has owned Cagliari for 22-years but he knows he needs to concentrate fully on turning around the fortunes of Leeds after another disappointing season in the championship.

Cellino says the two parties have reached an agreement on the deal worth to be a reported 85 million euros and they are hoping it can be concluded by the end of this week.

Speaking to Gazzetta dello Sport, Cellino said, 'We have reached an agreement and we have signed a letter of intent that foresees their takeover of the club.

'Now they will have to fight with the (Italian) bureaucracy.

'I hope they will be allowed to do what I wasn't given permission to do (to build a new Cagliari stadium).'


Cellino finally acquired Leeds in April after winning his appeal against the Football League after he was refused permission to take over the club under their owners and directors test after being found guilty of tax evasion in an Italian court in March.

It has not been an easy start for Cellino since his arrival having been served with a winding up order by former Managing Director David Haigh for an unpaid loan estimated to be in the region of 950,000. Just last week, the clubs banks accounts were frozen with the winding up petition due to be heard on June 9th, with Leeds being refused access to any payments to the club by credit card.

Cellino will be desperate for the winding up order to be settled as he looks to rebuild the club.


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The Journalist

Writer: Dazza71 Mail feedback, articles or suggestions

Date:Wednesday May 28 2014

Time: 7:00PM

 

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