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Leeds prospective new owner convicted of Tax evasion



swindonseagull

Well-known member
Aug 6, 2003
9,207
Swindon, but used to be Manila
So where does that leave the take over....??? I hope Leeds go like Pompey.

http://www.dailystar.co.uk/sport/fo...fter-Massimo-Cellino-s-tax-evasion-conviction


THE future of Leeds and their manager Brian McDermott has been thrown deeper into chaos after prospective owner Massimo Cellino was found guilty of tax evasion.



The Italian has been propping up the Championship club with loans as he looks to complete a 75 per cent buyout from GFH Capital.

He was yesterday fined £500,000 by an Italian court after being found guilty of failing to pay £335,0000 tax on a luxury yacht.
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The 57-year-old is now unlikely to pass the Football League's owners' and directors' test, meaning the takeover will probably be blocked.

A Football League spokesman said: "The Football League has noted the outcome of the Court hearing earlier today regarding Massimo Cellino.

"We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."

Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.

Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."

McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.

“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."

Cellino's lawyer says the Italian will appeal the conviction but that process could take up to a year.

Giovanni Cocco said: "According to my point of view, this business has no relevance to the Fooball League's decision."

McDermott was sacked when Cellino first arrived at Leeds but reinstated after a couple of days.

“We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time”
Football League spokesperson

Leeds make a loss of about £1m a month and, if Cellino's takeover fails, GFH Capital would have to continue to pump money in while they seek investment elsewhere.

A rival consortium, led by former Manchester United director Michael Farnan, were previously in the running to take control of the club before GFH accepted Cellino's bid.

GFH have spent about £40m on running costs - including paying players - since taking over from Ken Bates in 2012.

The Bahrain investment group are desperate to sell but do not want to put Leeds into administration because that would see them lose most of the money they are owed
 

Westdene Seagull

aka Cap'n Carl Firecrotch
NSC Licker Extraordinaire
Oct 27, 2003
20,922
The arse end of Hangleton
GFH have spent about £40m on running costs - including paying players - since taking over from Ken Bates in 2012.

The Bahrain investment group are desperate to sell but do not want to put Leeds into administration because that would see them lose most of the money they are owed

What investment company worth it's salt would ever INVEST in a football club ???
 


seagullsovergrimsby

#cpfctinpotclub
Aug 21, 2005
43,690
Crap Town
What investment company worth it's salt would ever INVEST in a football club ???

They bought the club on the basis Leeds would secure promotion straight away and then be able to sell it on as a Premier League outfit and make a tidy profit.
 

Barrel of Fun

Abort, retry, fail
That is a shame as I thought he would be quite a colourful owner.

To be honest, you have to be dodgy or have an agenda to invest in a club which you have no affinity to or affinity to the area.

The fit and proper test would probably fail at the first stage if they were asked to point out their intended club's location on a globe.
 


wakeytom

New member
Apr 14, 2011
2,718
The Hacienda
I hate Leeds as much as anyone (possibly more as I grew up just outside and most friends were Leeds) but even I think enough is enough now. For once I actually hope things improve as the fans have stuck with them and at the end of the day this sport SHOULD be all about the fans rather than all about the money.
 


catfish

North Stand Brighton Boy
Dec 17, 2010
7,677
Worthing
It should make him eminently qualified to own a club in this country.
 

seagullsovergrimsby

#cpfctinpotclub
Aug 21, 2005
43,690
Crap Town
It should make him eminently qualified to own a club in this country.

I'm surprised he didn't fancy owning a club in SE25 , it sounded like a match made in heaven.
 

pasty

A different kind of pasty
Jul 5, 2003
30,151
West, West, West Sussex
Breaking news now on SSN

He has FAILED the fit and proper persons test and therefore CANNOT take over Leeds Utd.
 


Thunder Bolt

Ordinary Supporter
Ian Abrahams ‏@BroadcastMoose 1m

Football League has rejected Massimo Cellino as an owner of Leeds - the Italian has 14 days to appeal
 

Stat Brother

Well-known member
NSC Licker Extraordinaire
Jul 11, 2003
73,270
West west west Sussex
[tweet]448051793742680064[/tweet]
 

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