Leeds United owner Massimo Cellino makes offer to rebuy Elland Road - Guardian 3/8/14
Cash from Ross McCormack sale provided bulk of cash
Club wants to secure purchase before November
James Riach
Massimo Cellino, the Leeds United owner, has said that an offer to repurchase Elland Road has been made using money raised from the sale of Ross McCormack and other funds.
Leeds sold their stadium in 2004 for £8m during the club’s financial crisis and the Italian entrepreneur vowed in February, before his takeover had been confirmed, to buy it back immediately. The former Cagliari owner has not yet fulfilled that promise and has since claimed that he wants to secure a deal by November.
The ground is owned by the businessman Jacob Adler but the club have the option to buy back Elland Road for a set fee by 2029, when their 25-year lease ends.
McCormack was signed by Leeds’s fellow Championship club Fulham for £11m in July, providing a large chunk of the £16m fee Cellino believes is required to repurchase the stadium.
“The money from McCormack cannot be wasted,” Cellino said. “We sent a letter yesterday. My accountant sent a letter because we want our stadium back. I hope it will be done soon. Before November 100%, because in November the rent will be raised.
“We have to pay. I have to buy the stadium, then I have to fix a lot of other things. It’s our house and our home, we don’t want to be guests in our home. I knew that to buy the stadium back we needed £16m.
“I want the stadium, we need to concentrate our energy on the club. It’s not agreed, we have the option to buy it and, if we try after November, it will cost more.”
The deeds to Elland Road are owned by Teak Commercial Limited, a firm based in the British Virgin Islands, and neither of the past two Leeds owners – Gulf Finance House or Ken Bates – repurchased the ground. Leeds are paying £1.4m in annual rent at the stadium but that sum rises by a small percentage every year.
Leeds kick off their Championship campaign against Millwall on Saturday, their first season under new manager David Hockaday, whose appointment was met with disillusionment by the majority of supporters in June.
Benito Carbone has recently left his position of development coach at the club because of “family reasons”.
Club wants to secure purchase before November
James Riach
Massimo Cellino, the Leeds United owner, has said that an offer to repurchase Elland Road has been made using money raised from the sale of Ross McCormack and other funds.
Leeds sold their stadium in 2004 for £8m during the club’s financial crisis and the Italian entrepreneur vowed in February, before his takeover had been confirmed, to buy it back immediately. The former Cagliari owner has not yet fulfilled that promise and has since claimed that he wants to secure a deal by November.
The ground is owned by the businessman Jacob Adler but the club have the option to buy back Elland Road for a set fee by 2029, when their 25-year lease ends.
McCormack was signed by Leeds’s fellow Championship club Fulham for £11m in July, providing a large chunk of the £16m fee Cellino believes is required to repurchase the stadium.
“The money from McCormack cannot be wasted,” Cellino said. “We sent a letter yesterday. My accountant sent a letter because we want our stadium back. I hope it will be done soon. Before November 100%, because in November the rent will be raised.
“We have to pay. I have to buy the stadium, then I have to fix a lot of other things. It’s our house and our home, we don’t want to be guests in our home. I knew that to buy the stadium back we needed £16m.
“I want the stadium, we need to concentrate our energy on the club. It’s not agreed, we have the option to buy it and, if we try after November, it will cost more.”
The deeds to Elland Road are owned by Teak Commercial Limited, a firm based in the British Virgin Islands, and neither of the past two Leeds owners – Gulf Finance House or Ken Bates – repurchased the ground. Leeds are paying £1.4m in annual rent at the stadium but that sum rises by a small percentage every year.
Leeds kick off their Championship campaign against Millwall on Saturday, their first season under new manager David Hockaday, whose appointment was met with disillusionment by the majority of supporters in June.
Benito Carbone has recently left his position of development coach at the club because of “family reasons”.
