Neither Massimo Cellino or GFH have given up on the possibility of the Italian buying a majority stake in the club, but Cellino has said he could ‘jump out of a window’ when he learned that the Football League had decided to block his bid to control Leeds United.
GFH Capital put the following statement on the club’s official website. "The club and its shareholders are disappointed at the decision of the Football League not to approve Massimo Cellino as a director of Leeds United FC. However, the Board and Executive Management of the club, will continue discussions with the Football League and Eleonora Sport to find a solution that is suitable to all parties.”
"Our shareholders continue to support the club directly or through additional investments as has always been the case. We would like to reassure the fans of the continuity of our great club.” This last bit re-iterates David Haigh’s promise that they won’t let the club go into administration, presumably by putting enough cash in to keep us going. GFH have little, as administration would mean they would lose almost all the money they have invested in the club already.
And Cellino told Adam Pope of Radio Leeds this evening "I have to appeal. I feel a responsibility to the fans who I am proud to say wanted me." But when he spoke to the Guardian earlier he admitted he only had himself to blame for the failure of his bid. ‘I’m not a dishonest man. If they say I did this, I am stupid. Why would I do something like this? Because I am a fool — I am stupid.”
"There’s different justice in Italy. I prefer the English way, but I am in Italy unfortunately. I pay millions and millions at clubs and they [the courts] say I tried to screw them over for a small amount. It’s stupid. I could pay that tomorrow. I didn’t try and do anything bad to Leeds, to anyone — I just wanted to do something good. I’m so shocked that I feel like I will jump from the window right now. I feel so ashamed. "
The attempted to cost-cutting has already begun, as Leeds tried to trim the wage bill by lending Lee Peltier to Nottingham Forest for the rest of the season, but for some unspecified reason that deal fell through at the last minute. But he may not be the last player GFH try to move off the wage bill, and we may see a few other players lent to anyone who will have them, and some of our own loan players might follow Wickham through the exit door.
If there are any secret billionaires out there who are interested in a once-proud football club with great potential, can they please make themselves known.