Sporco Leeds Filthy Rich
Author

Cellino, no proof of funds

Feb 19, 2014 10:37 AM GMT

Just when you think all in the Leeds United world is on the cusp of improvement, up comes a big fist to smack you back to reality.

Surely GFH did proper due diligence and saw proof of funds to buy, sustain and improve the club.

Surely we can't go into another period with a dodgy owner.

Surely my faith in and support of Cellino is justified, surely!

Todays news from the excellent @PhilHayYEP suggests that Cellino has not yet furnished the Football League with adequate proof of funds!

Any business transaction anywhere in the world requires one fundamental element, the ability to pay. We are told that GFH and Cellino agreed the takeover last month and contracts were exchanged 10 days ago. Are we to believe GFH are so clueless and stupid that they didn't see proof of funds before finalising the agreement? If they had and the documents they saw were real, if it was an official bank comfort letter, bank statements, whatever, surely that same information would be enough for the doyens of the Football League!

It brings back the nightmare scenario suggested by my friend at lunch yesterday, maybe we have an Italian version of a potless chancer trying to take over our club.

My mate from Cagliari runs a local restaurant and is also called Massimo.

I'd been looking forward to finding out more about our soon to be leader, get to grips with how much of his reported €1.3B fortune might be liquid and designated for investment in Leeds and understand what sort of new owner we are getting.

From the initial facepalm when I brought up Cellino's name to the patronising good luck wishes as I left the story was consistent. He hasn't got shitloads of cash, he lost most of his fortune around the time of his first conviction and incarceration, he is a fucking nutter, it's his way or the highway or fuck the consequences and unless he is fronting the deal, bringing his football experience along with a rich backer then we are royally, Ridsdalefully, Krasnerfully, Batesfully, GFHfully fucked!

My mate might be wrong, but this is Leeds and it won't be a surprise if he isn't and the future is more of the same, albeit with a different accent.