Massimo Cellino has completed his takeover of Leeds United, according to his lawyers.
“Massimo has been appointed a director of LUFC Holdings & ESL has completed its purchase of 75% of the shares,” wrote lawyers Mishcon De Reya.
Today the English Championship side announced it had lost £9.5m for the 2012-13 financial year.
“We have losses and we have to pay them. I thought the losses were less but it is OK,” added Cellino in a Press conference.
“We have to stop wasting money that is not ours. I would never let the club go into administration. I did not come here to do that. I’ve never run a company in my life that went into administration.
“The club has a little illness at the moment but it is not in the hospital.”
He sacked Coach Diego Lopez at Cagliari on Sunday and hinted he could wield the axe at Leeds soon too.
“I want to give Brian an opportunity to find out if he is good or not and if he is good then I am glad and if he is not then I will have to change. But I hope not.
“I will give him until the end of the season for me to get to know Brian and the players better. There is no rush. We have to be loyal and help each other.”
Cellino had originally been barred from taking over by the Football League, but won his appeal against their Fit and Proper Person test.