Friday, 7th February, 2014
Leeds United have confirmed they have signed contracts to sell a 75% stake in the club to controversial Cagliari owner Massimo Cellino.
The deal is subject to Football League approval, and that organisation issued a statement earlier today claiming not to have enough detail to progress the takeover.
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However, Leeds have now exchanged contracts with Cellino's investment vehicle Eleonora Sport Ltd, meaning current owners GFH Capital now have just a 25% stake in the Yorkshire giants.
Leeds chairman Salah Nooruddin said in a statement: "I am delighted to announce that we have exchanged contracts for the sale of 75 per cent of the club to Eleonora Sport Ltd, subject to Football League approval.
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"GFH Capital and its investors will retain a 25 per cent stake in Leeds United. I will remain the club chairman and David Haigh will be the club CEO.
"The Board has always had as its principal aim the creation of a long term ownership structure through partnership with sound and strategic investors to build on the foundations we have laid for sustainable success for this great club.
"We believe we will have achieved that with this deal. It provides the basis from which Leeds United can move forward to a position which will enable it once again to compete at the highest levels of football.
"That is where this great club belongs and it is nothing less than its fans deserve. Throughout the difficult years, as well as the glory years, they have remained second to none in their support of the club and we as a Board have always appreciated their passion.
"Following the introduction of GFH to the Cellino family which owns Eleonora Sport Limited it quickly became apparent that the family and the company offered both the long term investment and the footballing knowledge necessary to take their place as majority owners of Leeds United FC.
"Everyone on the Board is looking forward to working with our new partners who we hope will be in place at Elland Road very soon."
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