Saturday, 5th April, 2014
Massimo Cellino has won his appeal against the Football League blocking his takeover of Leeds United.
The Football League had deemed a recent conviction for evading import duty on a yacht in his native Italy as enough for Cellino to fail its owners' and directors' test.
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The Italian appealed to an independent QC who, having heard both arguments, has ruled against the Football League.
And the Football League has quickly expressed its disappointment, saying in a statement: "We are disappointed at the outcome of the appeal hearing.
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"This was never about individual personalities, but instead was a matter in which we were obliged to uphold the integrity of our regulations having considered the issue in detail with our advisors.
"It was always an extremely complex matter in which a different interpretation of a judgment made under Italian law could lead to an entirely different outcome in the context of our regulations. Ultimately this has proven to be the case.
"The independent QC has concluded that Mr Cellino's recent conviction in the Sardinian court did not involve conduct that would "reasonably be considered to be dishonest" based on information available to him at the current time.
"The Football League will now consider the findings of the hearing."
Cellino has agreed to purchase 75 per cent of Leeds from the club's current owners GFH Capital.
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