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Cellino bombshell, have the FL just cost Leeds United £23.5 million?

Massimo Cellino 1

The fallout from the Football League investigation into Leeds United owner Massimo Cellino continues.

The timing of Massimo Cellino's disqualification from owning Leeds could not have come at a worse time.

Cellino was in Bahrain at the time securing a £23.5 million investment into the club, which was due to be officially signed off at a board meeting this week.

Now, with Cellino admitting he is prepared to resign, at least temporarily, the money could be on hold

The Yorkshire Evening Post report: "The board was due to ratify a £23.5m cash injection and a restructuring of United’s debt on Tuesday but neither GFH nor Cellino has confirmed whether the deal was signed off as planned.

"The YEP understands that the investment could be suspended until the outcome of Cellino’s appeal is known."

That the money has not, or could not go through is a scary thought for Leeds United fans, who saw the club's accounts released earlier in the week, showing a hole in the finances which emphasised just how much the money was necessary.

The Football League have banned Cellino from owning the club until an old tax conviction in Italy expires under UK law in March.

The Italian has maintained he intends to appeal, but this will not be held swiftly, and amid worries the club will be punished if he does not step down in the meantime, he has confirmed he is prepared to do so.

Who that would leave in charge is unclear, but what Leeds do not need are the unpopular 25% owners GFH getting their feet back under the table.

It's an almighty mess, and when Cellino failed to tax his yacht in Italy, he never would have imagined it could cause this sort of problem down the line.

With £23.5 million potentially on hold, there are huge stakes, and the timing of the investment and the Football League investigation is a real nightmare for all connected with the club.

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