By Andrew Warshaw
February 10 – The latest foreign incursion into English football club ownership is on the verge of completion after controversial Italian agricultural entrepreneur Massimo Cellino finally bought a 75% stake in Leeds United – subject to the takeover being approved by league authorities.
The club’s owners GFH announced they had exchanged contracts over the deal which has come under intense media scrutiny.
No figure was announced for the deal but GFH originally bought the club (not including the Elland Road Stadium or Thorpe Arch training complex) for an estimated £44 million, plus £8 million of investment in December 2012. GFH had previously said that they had expected to make £7 million form a further sale, but it seems unlikely that Cellino would have paid anywhere near £59 million. No figure has been announced.
“It [the deal] provides the basis from which Leeds can move forward to a position which will enable it once again to compete at the highest levels,” said Leeds chairman Salah Nooruddin. “That is where this great club belongs. I will remain the club chairman and David Haigh will be the chief executive.”
“We believe we will have achieved that with this deal. Everyone on the board is looking forward to working with our new partners, who we hope will be in place very soon.”
Cellino has run Italian Serie A Cagliari for more than 20 years and late last week the English Football League released a statement saying it was still awaiting full details before being able to ratify the deal.
The exchange of contracts ends speculation about a potential rival bid from a consortium that had promised to match Cellino’s offer.
One of the great iconic clubs of English football, Leeds, who won the old first division three times, are currently 10th in the Championship, five points off the play-offs but badly in need of stability and greater consistency. The club reached the Champions League semi-final in 2001 but were relegated three years later after being embroiled in financial problems.
The Cellino family have been involved with Serie A Cagliari since 1992 and plan to invest “substantially” in Leeds. But supporters groups have expressed their concern over the takeover as Cellino has a criminal conviction for fraud in his homeland.
Even before he took over, the Sardinian faced furious protests at his apparent decision to dismiss Leeds manager Brian McDermott before he’d even officially purchased the club. McDermott was promptly re-instated but his position may now come under renewed doubt.
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