Leeds United owner Massimo Cellino 'sells' Italian club Cagliari

Massimo Cellino president of Cagliari Calcio looks on before the Serie A match between Cagliari Calcio and UC Sampdoria at Stadio Nereo Rocco on September 21, 2013
© Getty Images
Leeds United's new owner Massimo Cellino agrees to sell his Italian club, Cagliari, to an unnamed American investment group.

Leeds United's new owner Massimo Cellino has reportedly agreed to sell his Italian club, Cagliari, to an unnamed American investment group fronted by Italian businessman Luca Silvestrone.

According to BBC Radio Leeds, Cellino will receive an initial €10m (£8.1m) payment, followed by a further €67m (£54.4m) on approval of a project to develop the Italian club's stadium.

"I am delighted," Cellino told Gazzetta dello Sport. "We have reached an agreement and we have signed a letter of intent that foresees their takeover of the club."

Cellino, who purchased Cagliari in 1992, had been looking to sell the Sardinia-based outfit since acquiring a 75% stake in Championship side Leeds earlier this year.

He was reportedly close to selling to former Inter Milan board member Tommaso Giulini, but his €40m (£32.5m) bid was rejected.

Massimo Cellino, President of Cagliari before the Serie A match between Cagliari Calcio and Atalanta BC at Stadio Nereo Rocco on August 25, 2013
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