Massimo Cellino will officially buy 75% of Leeds United after winning his appeal against the Football League.
The Cagliari President had originally been rejected under the terms of the Fit and Proper Person test due to a conviction for tax evasion in Italy, but won his appeal today.
This is because the Italian legal system doesn’t consider a conviction to be formalised until it has gone through all three levels of appeal and Cellino’s case is still at the first.
“Eleonora Sport take a 75% stakeholding in the club while former majority shareholders GFH Capital and investors will retain 25%,” read a statement on the Leeds United website.
“Completion of the acquisition will see Massimo Cellino take up the position as President of Leeds United, and he will head up a new-look board.”
Among the changes, current managing director David Haigh will become the new Chief Executive Officer.
“This is a significant day in the history of Leeds United,” said CEO Haigh.
“I have met with many potential investors and worked closely with them, and I realised very quickly that Massimo is someone who has the attributes to take this club forward.
“He has a proven track record in Italy, and I believe the introduction of Eleonora Sport, coupled with Massimo’s drive and determination, will be key to a successful and sustainable future for this great football club.
“I’d like to thank the Football League, GFH Capital, and of course, Massimo and Eleonora Sport for all their hard work over the past few weeks in ensuring that this deal was able to progress.”