Reports in the Guardian seem to indicate that Massimo Cellino's takeover bid is destined to fail if he is convicted of tax evasion in Italy. The hearing is planned for 18th March and the paper is suggesting that the Football League will put their Fit and Proper persons test on hold until an outcome. However, Cellino is a shrewd business man, and his plan to own just 10% of the company buying Leeds, Eleonora Sports, is seen by some as a way to dodge round the owners test. The League is certainly looking into the ownership structure of Eleonora Sports as it is thought to run with money from a family trust-although Cellino seems to be pulling an awful lot of strings with his 10% of a company that doesn't even own us!!
If Cellino's bid fails, GFH, and subsequently Leeds, are in serious financial trouble, at the Italian has been effectively propping us up for the last couple of months-and those debts will need repaying..
Personally, I still think a deal will go through. Cellino himself seems very confident with the money he has put in so far, but as we've all been saying for a while, a conclusion is needed urgently..