Leeds hold crisis talks in bid to avoid financial meltdown

Leeds United‘s powerbrokers held crisis meetings in London last night in a bid to avert financial disaster, according to the Daily Mail.

The Championship club find themselves on the brink of administration, after a dispute between owners Gulf Finance House Capital and prospective owner Massimo Cellino over whose responsibility it is to pay £1.5million in wages for players and staff on Friday.

GFH were due to meet with Cellino in an effort to persuade him he was obligated to run the club’s finances for six months, even if his proposed takeover was blocked by the Football League.

Cellino was denied the chance to take a 75% controlling stake at Elland Road after being convicted of tax evasion in Italy, and officially lodged an appeal with the Football League yesterday.

But the Italian has said he will not invest any more in the club in the meantime, leaving Leeds managing director David Haigh desperately searching for a solution.

The Football League confirmed the next stage in the process with the statement: “The Football League can confirm that the legal representatives of Massimo Cellino have lodged an appeal against The League’s decision that he is subject to a disqualifying condition under its Owners’ and Directors’ Test.

“The appeal will be convened at the earliest opportunity.”


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