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Cellino to retain controlling shares in Leeds United despite ban

Massimo Cellino will not have to sell any shares in Leeds United, despite his ban, and undermining the Football League’s ban on convicted (financial) criminals owning clubs.

Though Cellino has temporarily stepped down as a Leeds director, he has reportedly told the League that he does not personally own the 75% stake in the club.

The shares are held in a blind trust, according to his lawyers, and Cellino and his family are beneficiaries.

They say that this means no shares need be sold to comply with Cellino’s ban, and his trust’s vehicle, Eleonora Sport, can retain the shares.

This comes despite a statement from the Football League on their ban on Cellino which stated: “Mr Cellino, through corporate vehicles controlled by him and his family, acquired a controlling interest in Leeds United Football Club.”

The ban requires Cellino to remove himself from director-level authority at a club, and Leeds, where Andrew Umbers has taken over as chairman, maintain Cellino will not direct any matters during his ban, despite rumours of his involvement in choosing players during the Januar transfer window.

His two sons, Edoardo and Ercole Cellino, are both directors on the board of the club.

This was posted in Bdaily's Members' News section by Clare Burnett .