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SBD Global/June 9, 2014/Franchises

Leeds Owner Due Back In Cagliari This Week To Close Sale Of Serie A Club

Leeds Owner Massimo Cellino is hoping to sell Serie A club Cagliari.
League Championship club Leeds United Owner Massimo Cellino "is due back in Cagliari" this week "to put the finishing touches to a deal" to sell the Serie A side to former Inter Milan board member Tommaso Giulini, according to INSIDE FUTBOL. Cellino is "keen to offload Cagliari to concentrate on Leeds." He has "already collected a down payment" of €8M ($11M) from Guillini as part of the sale. The agreement contains a termination clause which would cost more than the €8M and "virtually assures" Cellino of Giullini's "intent to complete the deal." Cellino's representatives "are already preparing the ground for the signing of the final sale agreement," which could take place on Tuesday. Once signed, a further €20M ($28M) "will be paid to the Leeds owner" (INSIDE FUTBOL, 6/8). SKY SPORTS reported Cellino "agreed to sell" Cagliari to Italian company Fluorsid. Cellino revealed the latest deal just 24 hours "after announcing that the sale of the Sardinian club to an American investment group had fallen through." Cellino: "The Americans were trying to lengthen the negotiations and needed another 90 days." Reports in Italy claim that Cellino "has accepted an offer" of €45M ($61M), a figure "that is much less" than the €80M "that had reportedly been agreed with the unnamed American group" (SKY SPORTS, 6/6). In Yorkshire, Phil Hay reported the American interest in Cagliari "has been both long-running and a source of confusion in Sardinia amid public doubt about whether the proposal would lead to a change of ownership and end Cellino’s 22-year reign as president." The U.S.-based investment group -- representatives of whom met with Cellino in Miami last week -- "were due to make a payment" of €10M ($13.7M) to him after the council in Cagliari ruled that the club "could increase the capacity of their Sant’Elia stadium to 16,000" (YORKSHIRE EVENING POST, 6/5).
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