Football League Delay Leeds Takeover Decision
Fri 14th Mar 2014 | Clubs Ownership
The Football League have delayed their decision over the prospective takeover of Leeds United.
In a statement release yesterday, they announced that the decision to ratify the takeover of the Championship club Eleonora Sports - an Italian group headed by Cagliari owner Massimo Cellino, by up to ten days.
"At its meeting today, the Board of The Football League gave detailed consideration to the proposed takeover of Leeds United by Eleonora Sport Limited,” said a Football League spokesman.
"The Board discussed the eligibility of the proposed purchasers under the Owners' and Directors' Test and examined evidence of both the source and sufficiency of funding.
“The majority of outstanding issues have now been resolved to The League's satisfaction and the Board anticipates receiving further information on the remaining issues, from the representatives of Eleonora, in the next week.
"The Board recognises the pressing need to resolve the matter and to provide certainty to all parties. It therefore anticipates being able to reach a conclusion in the next ten days."
The Football League are said to be awaiting the outcome of a tax evasion case faced by Cellino. His hearing is due in Italy on March 18 and his bid has been the subject of intense scrutiny since he agreed to purchase a 75% stake-holding in the club in February.
Leeds’ managing director, David Haigh yesterday played down fears that the club was facing administration. He told the Yorkshire Post, "The club is in good hands. It has money and there is no chance of the club going into administration. None whatsoever.
"We had a winding-up order recently, which caused fans to panic. But the club is not in any kind of precarious financial position. Either now or in the future. It is not true and never has been.
"As a director of a company, there is a test of solvency that you have to go through. Can the company meet its debts, as and when they fall? And yes, Leeds United can.”
Image: Action Images / Craig Brough
Posted by: Aaron Gourley
|RETURN TO LATEST NEWS SECTION|
|SUBSCRIBE TO THE FCBUSINESS RSS FEED|
|If you have any football business related news stories you’d like to share then please contact us –|
To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.
Thu 23rd Mar 2017 | Clubs Ownership
Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover. In a statement released by the club, they said: “Portsmouth Community Football Club would like to...
Thu 5th Jan 2017 | Clubs Ownership
Specialist Sports Law Team at Walker Morris reinforces its national reputation for football club acquisitions/sales with the latest sale of Leeds United FC. Specialist sports lawyers at Walker Morris...
Wed 4th Jan 2017 | Clubs Ownership
Aser Group Holding has completed its investment in Leeds United Football Club today. Leeds United Football Club has confirmed Aser Group Holding, through its acquisition vehicle Greenfield Investment...