‘Worrying’, ‘Cancer to the club’ – Leeds fans react to speculation Radrizzani takeover has hit the buffers
By Harry Sykes
Andrea Radrizzani’s takeover of Leeds United is reportedly facing significant problems – and fans of the club are unsure whether to start panicking.
Mike Thornton, who is the company secretary of supporters group Leeds Fans Utd, revealed in a bombshell blog on Thursday night that Radrizzani’s full takeover could be “called off for now” due to Bahraini investment bank Gulf Finance House (GFH).
Co-owner Massimo Cellino bought a 75 per cent stake in Leeds from previous owner GFH in April 2014 for £11million to end their deeply unpopular two-year reign and took full ownership for the first time last September.
Although this meant that GFH no longer had a stake in the Championship club, the terms of the deal meant that the bank is still owed around £17million by Leeds and a debenture was issued guaranteeing the repayment of that liability.
Thornton explained that is now causing a major legal headache for Radrizzani as GFH are insistent that the sports media tycoon takes over Cellino’s future profits commitment and pay up the due debt immediately upon his takeover.
Leeds fans have broadly welcomed Radrizzani’s full takeover and reacted in their droves on social media on Friday to the possibility the deal could hit the buffers.
Some pointed the finger of blame at GFH for causing such financial difficulties even though they have no shares in the club, while others backed Radrizzani to overcome any hurdles and take over imminently.
Here is a selection of their messages on Twitter:
The revelation comes just days after Radrizzani told the Brescia edition of sports newspaper Corriere della Sera that the Championship club “will be 100 per cent mine” by the end of next week.
Radrizzani went public for the first time to confirm the deal is all but done for him to buy out fellow co-owner Cellino.
Speaking from his London office, Radrizzani told Corriere della Sera: “Within 10 days, two weeks at most, Leeds will be mine 100 per cent.”
The deal means that Cellinio will step aside with immediate effect following three-and-a-half years at Elland Road marked by controversy, court cases and run-ins with supporters and the football authorities.
Intriguingly, there have been reports in the Italian media in the last 24 hours that Cellino is close to buying a majority stake in Serie B club Brescia.
In other Leeds United news, it can be exclusively revealed that the club registered a new signing last month.
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