Cagliari confirm purchase of club from Massimo Cellino

Serie A side Cagliari has today confirmed that the club has been sold by Massimo Cellino to Italian company Fluorsid Group for an undisclosed fee.

Fluorsid, a chemical company based locally and owned by the Giulini family, has acquired the whole Sardinian outfit for a reported €45m (£36.3m).

Cellino bought Cagliari in 1992 and has been looking to sell it on ever since purchasing a majority stake in Championship club Leeds United.

"They have been intense and marvellous years during which I have experienced unforgettable moments," he told the club website.

"I want to thank everyone that has accompanied me in this journey."

Cellino's time in charge of Leeds hasn't begun smoothly because of a winding-up petition that has resulted in the players not being paid recently.