Football League rejects Massimo Cellino's bid to buy Leeds United
Guardian 25/3/14
Italian fails owners' and directors' test over tax fraud
Lawyers announce intention to appeal against decision
James Riach
Massimo Cellino's deal to buy Leeds United was rejected by the Football League, casting serious doubt over the club's financial future with the Cagliari owner having spent around £10m funding the club in recent months.
The Italian, whose company Eleonora Sports agreed a £25m deal to buy 75% of Leeds from Bahrain-based investment bank GFH Capital in February, was rejected under the League's owners and directors' test after being found guilty last week in an Italian court of failing to pay €388,500 of import tax on a yacht.
Cellino's lawyers announced last night that the 57-year-old intends to appeal a decision he admitted had made him "feel like I will jump from the window right now".
Leeds wrote to the League last week following a protracted saga that provided its most chaotic night at the beginning of February, when the manager, Brian McDermott, was sacked apparently at the behest of Cellino, only to be reinstated later.
The League's board, including chairman Greg Clarke, voted unanimously to reject Cellino's ownership and disqualify the 57-year-old's bid, despite the fact that the Italian legal system allows for an appeal on the import tax verdict. A statement said: "The board considered detailed legal advice with regard to the application of its regulations within the context of a decision made under Italian law. 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."
Cellino told the Guardian last night: "I'm not a dishonest man. If they say I did this I am stupid. Why would I do something like this, because I am a fool, I am stupid.
"There's different justice in Italy, I prefer the English way but I am in Italy unfortunately. I pay millions and millions at clubs and they [the courts] say I tried to screw them over for a small amount. It's stupid. I could pay that tomorrow.
"I am not a dishonest crook. If I made a mistake it was not on purpose. I'm shocked, I'm very shocked. I feel like I will disappear, I am so ashamed of myself you have no idea. It's not about the money at the moment.
"I didn't try and do anything bad to Leeds, to anyone, I just wanted to do something good. I'm so shocked that I feel like I will jump from the window right now. I feel so ashamed. Why did they take two months to wait for the decision of the Italian court. I could have delayed the trial for one or two years if I had wanted."
A Leeds statement said: "The club and its shareholders are disappointed at the decision of the Football League not to approve Massimo Cellino as a director of Leeds United. However, the board will continue discussions with the Football League and Eleonora Sport to find a solution that is suitable to all parties.
"Our shareholders continue to support the club directly or through additional investments as has always been the case. We would like to reassure the fans of the continuity of our great club."
Italian fails owners' and directors' test over tax fraud
Lawyers announce intention to appeal against decision
James Riach
Massimo Cellino's deal to buy Leeds United was rejected by the Football League, casting serious doubt over the club's financial future with the Cagliari owner having spent around £10m funding the club in recent months.
The Italian, whose company Eleonora Sports agreed a £25m deal to buy 75% of Leeds from Bahrain-based investment bank GFH Capital in February, was rejected under the League's owners and directors' test after being found guilty last week in an Italian court of failing to pay €388,500 of import tax on a yacht.
Cellino's lawyers announced last night that the 57-year-old intends to appeal a decision he admitted had made him "feel like I will jump from the window right now".
Leeds wrote to the League last week following a protracted saga that provided its most chaotic night at the beginning of February, when the manager, Brian McDermott, was sacked apparently at the behest of Cellino, only to be reinstated later.
The League's board, including chairman Greg Clarke, voted unanimously to reject Cellino's ownership and disqualify the 57-year-old's bid, despite the fact that the Italian legal system allows for an appeal on the import tax verdict. A statement said: "The board considered detailed legal advice with regard to the application of its regulations within the context of a decision made under Italian law. 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."
Cellino told the Guardian last night: "I'm not a dishonest man. If they say I did this I am stupid. Why would I do something like this, because I am a fool, I am stupid.
"There's different justice in Italy, I prefer the English way but I am in Italy unfortunately. I pay millions and millions at clubs and they [the courts] say I tried to screw them over for a small amount. It's stupid. I could pay that tomorrow.
"I am not a dishonest crook. If I made a mistake it was not on purpose. I'm shocked, I'm very shocked. I feel like I will disappear, I am so ashamed of myself you have no idea. It's not about the money at the moment.
"I didn't try and do anything bad to Leeds, to anyone, I just wanted to do something good. I'm so shocked that I feel like I will jump from the window right now. I feel so ashamed. Why did they take two months to wait for the decision of the Italian court. I could have delayed the trial for one or two years if I had wanted."
A Leeds statement said: "The club and its shareholders are disappointed at the decision of the Football League not to approve Massimo Cellino as a director of Leeds United. However, the board will continue discussions with the Football League and Eleonora Sport to find a solution that is suitable to all parties.
"Our shareholders continue to support the club directly or through additional investments as has always been the case. We would like to reassure the fans of the continuity of our great club."
