Revealed: Massimo Cellino sold Leeds United for £45m

Leeds United has bought by Andrea Radrizzani for £45m, according to accounts published by Eleonora Sport Limited (ESL).

ESL was established by Massimo Cellino to take control of Leeds back in 2014.

ESL’s financial statements for the year ending June 2017 reveal that Cellino sold Leeds United to Radrizzani via two separate instalments of £20m and £25m.

The first payment of £20m, which gave Radrizzani a 50% stake in the Championship club, was completed in December 2016. Completion of the second payment followed in May 2017.

As a result of the £45m, Cellino made a profit of £45m.

In addition, ESL is also set to receive a further £8.75m from a ‘third party’ over the next eight years.

Radrizzani, who took over Leeds United in May 2017, is the co-founder of media rights group MP & Silva, which is an international sports agency that provides media rights distribution, digital and technology services and sponsorship consultancy.

Two months after becoming the club’s owner, Radrizzani went on to complete the repurchase Elland Road.

Leeds United are currently 11th in the Championship.