March 24 – The future of Leeds United, once the envy of English football but who have hit hard times in recent years, has been plunged into uncertainty after authorities disqualified Italian businessman Massimo Cellino from buying a majority stake in the iconic club.
Cellino, who heads Eleonora Sports, agreed to buy a 75% stake in Leeds from Gulf Finance House Capital in February but the takeover was put in doubt last week when he was found guilty of failing to pay import duty in Italy on a yacht.
In a statement the Football League said they had voted “unanimously” to disqualify the 57-year-old Cagliari owner’s bid to expand into English football because of its so-called ‘owners and directors’ test that prevents anyone with an “unspent” conviction for dishonesty offences from being a director, a 30% owner, or from exercising control over any of its clubs.
“The board considered detailed legal advice with regard to the application of its regulations within the context of a decision made under Italian law,” the statement said.
“Having fully considered the matter, the board agreed unanimously that the decision of the Italian Court does constitute a disqualifying condition under its owners’ and directors’ test. The relevant disqualifying condition being that Massimo Cellino has been convicted of an offence involving acts that would reasonably be considered to be dishonest.”
Leeds, who won the old Inter-Cities Fairs Cup in 1968 and 1971 and were domestic champions in 1968-9, 1973-4 and 1991-2, are currently embroiled in the bottom half of the second-tier Championship.
Last month, GFH confirmed they had exchanged contracts with Cellino and it is understood he has already invested around £6m into the club. But whilst he can appeal against the Football League’s landmark decision, Leeds are meantime left in limbo.
Contact the writer of this story at andrew.warshaw