Leeds United & The Lottery Of The Owners & Directors Test
Leeds United & The Lottery Of The Owners & Directors Test
By Ian on Mar 24, 2025 in Finance, Latest | 0 comments
So there, then, is the decision of the Football League. Massimo Cellino has been adjudged by the Football League to have failed its Owners & Directors Test on account of his conviction under Italian law over the non-payment of tax for a boat that he owned. The League's statement on the matter was clear enough to leave little quesion in the minds of those that have been watching this situation over the last few weeks of the reasoning behind their decision in spite of the obfuscation of the matter brought about by Cellino's legal team last week, and it's worth reprinting that statement in full in order to understand the reasoning behind the decision.
At its meeting yesterday evening, the board of the Football League considered the eligibility of Massimo Cellino. The board considered detailed legal advice with regard to the application of its regulations within the context of a decision made under Italian law.
Mr Cellino was recently found guilty beyond reasonable doubt by a court in Sardinia of an offence under Italian tax legislation relating to the non-payment of import duties on a boat. This resulted in a fine of €600,000, an order for the payment of trial costs and the confiscation of the boat in question.
Having fully considered the matter, the board agreed unanimously that the decision of the Italian court does constitute a disqualifying condition under its owners' and directors' test. The relevant disqualifying condition being that Massimo Cellino has been convicted of an offence involving acts that would reasonably be considered to be dishonest.
In line with Football League regulations, Massimo Cellino is entitled to appeal against the decision within 14 days. In such circumstances, the League would seek to expedite the process to deliver certainty to all parties in the shortest possible timeframe.
The decision made by the League was unanimous and its allusion to the fact that Cellino was "recently found guilty beyond reasonable doubt by a court in Sardinia of an offence under Italian tax legislation" hinted that the arguments put over by Cellino's supporters that this was a civil matter and that he shouldn't be considered had been mulled over and dismissed. But which way next for Leeds United? The future of the club has, with this decision, yet again been tossed back into limbo, but the club's immediate response to the League's statement indicates that GFH Capital, the current incumbents of this most poisoned of chalices, aren't conceding on Cellino just yet:
The club and its shareholders are disappointed at the decision of the Football League not to approve Massimo Cellino as a director
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