Leeds United owner Massimo Cellino backs out of deal to sell club to supporters’ group
Leeds United owner Massimo Cellino has reneged on his intention to sell the club to fans, according to supporters' group Leeds Fans United (LFU).
Cellino said he would be happy to sell the Championship club to the group last week but backed out after LFU asked him to confirm an offer of exclusivity in writing.
Yesterday the group said it would be ready to buy Cellino's 75 per cent stake for £30m using contributions from fans within three months.
Yet LFU's hopes of owning the majority of its beleaguered club have been rocked after Cellino's lawyers informed them the Italian no longer wanted to sell.
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In a statement LFU said:
Leeds Fans Utd has just been informed by the lawyers of Massimo Cellino that he no longer wishes to sell to Leeds fans. Our insistence on him confirming his verbal offer of exclusivity in a legally binding agreement has forced transparency on his motives.
It is much better that we identify this insincerity now before we spend our shareholder's money.
This exercise has proved our capacity to adapt to any acquisition scenario very quickly. We now know we have the capacity to do both a minority and majority deal, and it has shown that Leeds fans have a desire for fan ownership.
We hope that Massimo will treat the club and fans with respect and honour.
The erratic Cellino has become increasingly unpopular at Elland Road having sacked five managers in just over 18 months.
He is currently appealing a second Football League ban for failing the Football League's owners and directors rules after he was found guilty of tax evasion in Italy.