Incredibly despite the fact that he may not be permitted to take over ownership of Leeds Mr Cellino is still prepared to put cash into the club.
http://www1.skysports.com/football/news/11715/9236505?
Is this not an amazing situation? GFH who own Leeds won't put money into Leeds. Mr Cellino who currently may not be permitted to own Leeds continues to finance the club. THANK YOU MR CELLINO.
I have had my doubts about Mr Cellino he seems to be a volatile impulsive character who shoots from the hip first and worries about the questions later.
However given the mess that has been created in recent years by Bates and subsequently GFH maybe we need someone like Cellino to take the club by the scruff of the neck and give it a good shake up.
For all his faults Cellino has been financing Leeds in recent months and continues to do so even though ultimately he may be barred from taking over, what a fantastic gesture of support that is.
In terms of his ongoing financial backing of Leeds he is the most fit and proper person to have turned up at Leeds for many years.
The Fit & Proper Mr Cellino
posted on 28/3/14
Surely GFH wouldn't tie Cellino into a contract that meant they would take his money for six months then wave goodbye to him if he couldn't take over?
If so they are most certainly not fit & proper.
posted on 28/3/14
Most people don't get to be as rich as cellino by being financial soft touches.
He must have taken parental company guarantees from gfh, that if leeds go into admin, he still gets his cash back. Ie its a loan to gfh not a loan to leeds.
He must be confident of getting it back if he's still putting in. I guess it's trying to send a message out there to the appeal judge that he's doing the right thing Nd protecting his investment in the event if a successful appeal.
Whatever the reasoning, fair play to the guy for pumping more cash in.
posted on 28/3/14
If they did that - let me see.......
He's already put around £6m into the club. If he pays the wages of £1.5m for the next 4 months that's another £6m.
If he agreed to convert that into shares then he would own around 35% of the club - too much for the FL to allow should they uphold their ban.
I'm basing that loosly on the club being worth around £34m for 100%.
The other thing I read is that it might convert into a loan at 7%. that's about £840,000 interest per year or £70,000 a month on what they are already paying out.
The GFH 'plan' they showed to the FL?
posted on 28/3/14
Cellino didn't pay the wages this month
posted on 28/3/14
If Cellino is paying any of the wages, it is because he cannot afford for the club to go into administration, not because he is a decent man. GFH would probably have a lot to lose also if the club went into admin, so I suspect there is an interesting discussion going on regarding which of them is willing to keep the club afloat..
Cellino might also be trying to bully the FL into allowing him to buy the club on the basis that if they reject him, the club goes into meltdown and the FL might be seen as the bad guys.
posted on 28/3/14
No but I bet it was his money they used:
@PhilHayYEP: The money used was already in the club's account, which would explain why the players will only receive 50%. The club have basically run out
posted on 28/3/14
@APOPEY: #lufc The scale of the financial issues at the club now being exposed with more creditors along with HMRC knocking on.door.
posted on 28/3/14
@APOPEY: #lufc Indication from PFA is its Cellino's money whereas as others say its "club" money. Neither party speaking today so far.
posted on 28/3/14
He's gone up a notch in my view:
@CellinoOut: Im hearing from an accountant dealing with the club that Cellino tried to sack @haighdavid this morning. Can @PhilHayYEP or @APopey confirm?
posted on 28/3/14
Cellino in...!