Leeds United owner Massimo Cellino 'sells' Italian club Cagliari

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
Read Next:
Cellino 'close' to Cagliari sale
You May Like
Recomended from Sports Mole

Loading ...

Failed to load data.

1Wolverhampton WanderersWolves27195350203062
2Derby CountyDerby27157544232152
3Cardiff CityCardiff27155740251550
4Aston Villa27138639241547
5Bristol City2813874033747
6Sheffield UnitedSheff Utd27134104031943
7Leeds UnitedLeeds27134103729843
10Preston North EndPreston27101163127441
12Norwich CityNorwich28117102831-340
13Ipswich TownIpswich27123124039139
14Queens Park RangersQPR2789103137-633
15Nottingham ForestNott'm Forest27102153343-1032
17Sheffield WednesdaySheff Weds27710103034-431
20Hull City27510123944-525
21Bolton WanderersBolton2767142545-2025
22Burton Albion2766152146-2524
23Birmingham CityBirmingham2765161538-2323
Login, I already have my ad-free pass
Log in with Facebook to customise Sports Mole
Buy ad-free access (show me the options)
Buy monthly ad-free access for £1.20/month
Buy yearly ad-free access for £12 (2 months free)
Settings - Logout - Manage your account
Settings - Logout - Manage your account