Telegraph "sting"

Peak - you're right and wrong.

As shareholders of 20% of the club they are absolutely entitled to 20% of the dividends, which as you say may or may not be linked to profit and may or may not be issued at the end of the year.

However, they are NOT entitled to 20% of sales. That's illegal.

Only 20% of dividends. I think Cellino was implying the latter not the former.

But if the dividend given is the same amount as a recent player sale then thats just a coincidence, right?

Right, Lubo. Let's say I sold 20% equity in my business to you and let's say it happens to be a football club. I then decide to sell a player for £1m. You then say "but I want some of that". The company would then pay out a dividend to all its shareholders totalling £1m or maybe more. If it was £1m, you would receive £200k, I would receive £800k if we were the only shareholders. The sums paid would have to be made at exactly the same time

If I was a director of the company, I could then decide to put my £800k back into the business. It would then be in the form of a director's loan and be entered up as such on the director's loan account, which I could withdraw at any time in the future.

Also, a limited company is a separate legal entity. If the company decides to sell another player for £10m, and no dividends are paid out, I as a director can't simply take out the £10m.
If my director's loan account
is at zero, I could only take it out as a loan and would have to pay it back within 9 months or pay a fixed rate of interest to the company. So even if you 'own' a limited company, there are rules to follow regarding withdrawal of funds, as it's the company's money not yours.

This comes down to the words used. From the telegraph article....
The Italian said: “You’ve got something, a logic to become partners... Because you are financing the club with £12 million and you got 20 per cent of the sell-on of the players.”
He doesn't say 20% of the dividends. Which in my view leaves him culpable. That said he's not actually done anything yet so cannot be penalised for it, but for me, the intent is there.
Either way you look at it, it's brought the club into disrepute (if indeed it's ever been out of it in the last decade or so).

He brought the club into disrepute even prior to acquiring it, and it's been like that ever since. Shocking!

Stel, the fact that he entertained people like this, that he agreed to meet with them, that they talked for 2 hours and that he didn't report this group to the football authorities speaks volumes about him.

He cares nothing for our football club, he will bend the rules, break the rules, invite people who want to break the rules to be part of the club, the word integrity and respect are alien concepts to him.

It;s sickening when he slams players for not showing respect to him, when this is the last thing he does to anyone else.

Sickening when he tells fans they should respect him and do more than just the Leeds salute.

Sickening when he continually breaks the rules and uses the excuse that he's new to English football etc and then 'advises' people on how to break the rules of English football and complains thatch English are the worst in the world.

Cellino is a disgrace.

Respect I've argued enough about since the crap with McD, he wouldn't respect his ass if it blew him a kiss!..

All he's done is switched from one club to another and brought all his Skeletons with him!..

its hard to disagee with jonty on any of those points.