Leeds Rumours Archive March 18 2014

18 Mar 2014 17:45:24
Cellino is filing an appeal. Cellino's lawyer Professor Cocco told tv Radio Leeds that the appeal against the tax evasion verdict could take between six and nine months. That would be a disaster for us.

Massimo could relinquish his shares in eleonora which he could have done to start with but he believed he would win the case. However he is already a minority shareholder so could challenge the whole fit and proper process
BIGE

Professor Cocco . You've got to love it :D

Eleonora sports have to prove where there money is coming from. From what your saying Eleonora could be financed by a massive donation from a Colombian drug lord but that is fine as he isn't on the board so that money isn't dirty and Eleonora are free to proceed and buy us with drug money. If it was as simple as him relinquishing his shares don't you think he would have done that already.

18 Mar 2014 09:03:36
Just been o Radio Leeds that Cellino has been fined 600,000 euros and his yacht conficated for tax evasion.

Where does that put us now??

Right in the rubbish!

Up the administration river without a boat.

This is bad news but let's wait to hear what the fl say, and iff they say no then surely gfh will have to sell to someone else?

18 Mar 2014 10:19:17
The current developments will probably rule out Cellino from aquiring more than a 29% shareholding in LUFC. Assuming that a 75% share is worth £25m and as he has already invested circa £6m, GFH can exchange that for shares and he could still invest arround another £2m.

Clearly GFH don't have mony to continue funding, so this would be a sensible temporary solution until either Cellino clears his name or another bidder comes in and invests say £12m for GFH's 50% or hopefully buys them all out with a 100% bid

It's ok saying sell to someone else but that someone else now has the loan from cellino and whoever else gfh borrowed off since Jan, also it's going to take weeks to conclude any deal, and they have wages to pay this month.

This the end of football, as we know it Jim! Beam us down!

Understand what you mean about selling to someone else and they will have the debt, but won't any other bidder be in a position to offer a reduced price to buy us or doesn't it work like that?

As far as I was aware Mr Cellino is not buying Leeds Utd, Eleonora Sports are purchasing LUFC, which Mr Cellino owns 10% of.So that would make Mr Cellino's conviction today immaterial in the FL fit and proper test, unless they could prove he owned more then 10% of Eleonora Sports, which in itself would I think disqualify him /Eleonora Sports from purchasing 75% of LUFC, so keep the faith.MOT

This statement from FL is on Newsnow "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."

Think its fairly easy to prove that Cellino is the owner and major financier of Eleonora Sports as well as being chairman so it does make a difference to the FA's fit and proper test if Cellino has been found guilty

If he pays the fine straight away will it be considered spent by the FL straight Way?

To the last poster who says it is fairly easy to prove Mr Cellino is the financier and head of Eleonora Sports, what do you base this FACT on?A laymans explanation will do me, as I was of the opinion Mr Cellino was a successful business man, so your saying that success is based on him making up transparent companies to cover his tracks?Which in your opinion will be brought to light by the Football league?I do not feel they are asking him to prove he owns Eleonora Sports as they would have mentioned this already

A spent conviction is considered such I think after five years? of its handing down from a court anywhere in the world in keeping with the rehab of offenders act. Given the nature of the conviction ( tax evasion) this will be construed as a conviction for 'dishonesty' as per the cpp test and will therefore be barred from taking up ownership at LUFC, i'm sure much to the delight of the FL board.

18 Mar 2014 16:15:39
Just adding to first reply - and our life raft is being captained by publicity David haigh!

Just what the league were hoping for, bet s harvey and his g and t drinkers are having a party and getting p****d as we speak. As soon as they've sobbered up they'll annouce mr cellino has failed the fit and propper person test due to his recent conviction

18 Mar 2014 16:40:23
latest on the football league website

http://www.football-league.co.uk/footballleaguenews/20140318/football-league-statement-leeds-united_2293334_3719289

Doesnt look good IMO

lifelongleedsfan

One of the darkest days in the history of our great club. Lost for words, absolutely fuming.

18 Mar 2014 17:14:26
In Italy there are three stages in court Massimo Cellino has now taken the 3rd stage that is to appeal this now means in Italian law he is innocent until that court date. His solicitor has also spoken of the 3 stage system in Italy. Below is a good post from Ka01 from another site so let's hope its not all doom and gloom just yet.

I believe Massimo Cellino has been done for "Accounting Fraud".
That's a joke, the EU accounts aren't signed off most years because of fraud in EU departments. They get away with accounting fraud on a grand scale!

By the way not all convictions lead to automatic disqualification as the media seem to want us to think.
There is a clause that convictions that don't fall within certain categories and don't attract jail sentence 1 year or more will not lead to disqualification. That clause has to be there or people convicted of minor crimes like minor traffic offences would be disqualified.
Tax evasion is not a minor crime of course but has he been convicted of that or "Accounting Fraud".
Just an interpretation to show why FL not jumping to conclusions like some of the media haven't been able to resist!
"Accounting Fraud" could mean that they have decided he switched the ownership of the boat to the Company without any justification for doing so and possibly without the Company paying any consideration for receiving the yacht. Doing that legally would not be tax evasion but tax avoidance which is legal.
Perhaps by saying "Accounting Fraud" rather than tax evasion the Court has made it necessary for the FL to check its position. Who commits an "Accounting Fraud"? The client or the Accountant? Perhaps Cellino should sue his Accountant?!
There is also the question that under Italian law if Cellino appeals he is not guilty until the appeal case is settled. As Shaun Harvey said in bhis letter to the MP, someone is innocent until proven guilty and the rules do say pending cases are not a reason for disqualification .
I am not saying who is right and who is wrong but just pointing out that despite the ruling in the Italian court it is not all as clear cut as some would have us believe!

We will be back on the market looking for a new owner.

18 Mar 2014 19:24:02
It doesn't mean anything that Cellino owns less than 10% of Eleanora. It is clearly his outfit. He has been found guilty, even if he is able to appeal. There is no point whining, GFC created this situation. I think Cellino could be good for Leeds, but he is trouble. We'd be laughing if this was happening to another club, and mocking them for being so stupid. We can only hope for a good, quick outcome. I think the worst is that we'd have to write off next season too.

Does anyone else think we may have to leave Elland Road if we don't get a takeover? Obviously the rent is killing us and we will struggle to pay it without investment. Worse case scenario obviously, and I'm hope I'm wrong, but just worried.