swindonseagull
Well-known member
So where does that leave the take over....
I hope Leeds go like Pompey.
http://www.dailystar.co.uk/sport/fo...fter-Massimo-Cellino-s-tax-evasion-conviction
THE future of Leeds and their manager Brian McDermott has been thrown deeper into chaos after prospective owner Massimo Cellino was found guilty of tax evasion.
The Italian has been propping up the Championship club with loans as he looks to complete a 75 per cent buyout from GFH Capital.
He was yesterday fined £500,000 by an Italian court after being found guilty of failing to pay £335,0000 tax on a luxury yacht.
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The 57-year-old is now unlikely to pass the Football League's owners' and directors' test, meaning the takeover will probably be blocked.
A Football League spokesman said: "The Football League has noted the outcome of the Court hearing earlier today regarding Massimo Cellino.
"We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.
Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."
McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.
“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.
Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."
McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.
“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time”
Football League spokesperson
Leeds make a loss of about £1m a month and, if Cellino's takeover fails, GFH Capital would have to continue to pump money in while they seek investment elsewhere.
A rival consortium, led by former Manchester United director Michael Farnan, were previously in the running to take control of the club before GFH accepted Cellino's bid.
GFH have spent about £40m on running costs - including paying players - since taking over from Ken Bates in 2012.
The Bahrain investment group are desperate to sell but do not want to put Leeds into administration because that would see them lose most of the money they are owed
I hope Leeds go like Pompey.http://www.dailystar.co.uk/sport/fo...fter-Massimo-Cellino-s-tax-evasion-conviction
THE future of Leeds and their manager Brian McDermott has been thrown deeper into chaos after prospective owner Massimo Cellino was found guilty of tax evasion.
The Italian has been propping up the Championship club with loans as he looks to complete a 75 per cent buyout from GFH Capital.
He was yesterday fined £500,000 by an Italian court after being found guilty of failing to pay £335,0000 tax on a luxury yacht.
Related articles
The 57-year-old is now unlikely to pass the Football League's owners' and directors' test, meaning the takeover will probably be blocked.
A Football League spokesman said: "The Football League has noted the outcome of the Court hearing earlier today regarding Massimo Cellino.
"We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.
Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."
McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.
“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.
Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."
McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.
“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time”
Football League spokesperson
Leeds make a loss of about £1m a month and, if Cellino's takeover fails, GFH Capital would have to continue to pump money in while they seek investment elsewhere.
A rival consortium, led by former Manchester United director Michael Farnan, were previously in the running to take control of the club before GFH accepted Cellino's bid.
GFH have spent about £40m on running costs - including paying players - since taking over from Ken Bates in 2012.
The Bahrain investment group are desperate to sell but do not want to put Leeds into administration because that would see them lose most of the money they are owed
