Cellino looks to buy the stadium back

Massimo Cellino is reported to be planning to use the funds from the sale of Ross McCormack to re-purchase Elland Road.

The stadium was sold by the Krasner consortium for £8million in 2004, at a time when we were desperately trying to raise funds to stave off liquidation, and in the circumstances they had to do the deal on very unfavourable terms. The conditions of the sale included clauses which ensured that both the rent and the price to buy the stadium back would rise year on year.

The stadium is currently owned by businessman Jacob Adler through a compamy based in the British Virgin Islands, but Massimo Cellino has been in touch to start the process of exercising the buy-back clause at the price currently set by the terms of the deal.

He told the Guardian "The money from McCormack cannot be wasted "We sent a letter yesterday (Saturday). My accountant sent a letter because we want our stadium back. I hope it will be done soon. Before November 100 per cent, because in November the rent will be raised. It’s our house and our home, we don't want to be guests in our home.”

The current price is £16m, so even the £11m we got for McCormack won’t cover this amount in full, and Cellino will have to put still more of his money into the club.

While some fans will be dismayed that the money from the McCormack sale isn’t going to be re-invested immediately in the playing squad, this is probably the best thing to do in the long term, to save having to spend even more on buying Elland Road back in the future. And there will also be a big saving in rent (which is already more than £1million a year) which in itself will allow the club to invest in the playing squad.

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