Massimo Cellino had his appeal against the Football League’s decision to block his takeover of Leeds United heard on Monday, and now faces a wait for the verdict.
The Italian agreed to buy 75% of the Elland Road club back in February, having come to an agreement with Bahrain-based investment bank Gulf Finance House. However, last week he was disqualified as a potential owner by the Football League, after he was found guilty in his homeland of failing to pay €388,500 of import tax on a yacht.
Cellino, who has owned Serie A side Cagliari for over two decades having bought them in 1992, immediately declared he would appeal this decision, which was then backed up by his lawyers Mishcon de Reya who claim that the 57-year-old is innocent under Italian law until an appeal against the import tax ruling has been finalised.
The hearing against the recent decision to block his takeover of Leeds took place in London today (31 March), and a short statement from the Football League afterwards read: “Massimo Cellino’s appeal under The Football League’s owners’ and directors’ test has now concluded with the independent QC reserving his judgment.”
Should the Football League’s decision be upheld, then this will place the Yorkshire giants in a difficult situation. It is understood that should it be rejected, then GFH will come under renewed pressure to find new sources of income, with the club currently losing around £1million-per-month. Indeed, last Friday manager Brian McDermott confirmed the players agreed to defer 50% of their wages, as Cellino is refusing to inject more money into the Elland Road coffers having bankrolled them for the past two months.
