Massimo Cellino announced today that his plans to sell his Italian club Cagliari have fallen through. What will the implications be for Leeds United?

Cellino had expected an American investment group led by Italian businessman Luca Silvestrone to buy the club and the two sides had agreed a fee of 80 million Euro (£64.8m) at a meeting in Miami last week. But a deposit of 10million euro deposit was supposed to have been made by yesterday, and so far it hasn’t seen any sign of it.

Cellino told Italian newspaper Unione Sarda that he hadn’t been able to make contact with Silvestrone to ask where the deposit has got to. “There is no American investment group interested in acquiring Cagliari. I have not seen or heard from anyone since last Wednesday’s meeting with Silvestrone and Dan Meis in Miami. “

“From what I can gather they only can be found through ‘Missing’. I only decided to meet Silvestrone because I was asked by a number of fans to do so. I always had the impression that Silvestrone was just representing himself and not a group.”

Cellino has owned Cagliari in 1992 and they finished 15th in Serie A last season, seven points clear of relegation. But even though his Italian club has consistently managed to hold it’s head above water in that country’s top division, Cellino still believes that we have got more potential. He has said that he can only run one club and that his priority is Leeds United.

What we want to know is what the implications are for Leeds United. If we assume that the amount of almost £65 million was a key part of Cellino’s plans to revive our club then the collapse of the Cagliari sale could hardly have come at a worse time. If he needs that money to help to pay off Leeds United’s debts and see off the latest winding up order we’ll have to hope he can find another buyer for Cagliari pretty damn quick.

Photo: Action Images

Bluesman1 added 16:10 - Jun 5 Cellino has always said the sale is not related to the plan for Leeds. More concerned about Hsigh in prison, winding up and the sale of Ross. No manager, Thorpe Arch closed and no players coming in. Don't think anything will happen until the winding up petition is dealt with on Monday! If it wasn't for bad luck, if it wasn't for real bad luck, we wouldn't have any luck at all!

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