By Andy Sambidge
GFH Capital says it will sell stake to Cagliari owner Massimo Cellino, subject to Football League approval
The Gulf-based owners of Leeds United said on Saturday they have agreed to sell a 75 percent stake in the club.
Cagliari owner Massimo Cellino has agreed to buy the stake and will take control from GFH Capital, subject to Football League approval.
In a statement, GFH Capital said: "Following recent media reports and speculation, GFH Capital would like to confirm that it has agreed to sell a 75 percent stake in the club to Eleonora Sport Ltd, a company owned by the Cellino family who have many years experience in football and who plan to invest substantially in the club including the re acquisition of Elland Road.
"Eleonora will be working on completing the required Football League approval."
The Cellino Family is a well known Italian sports family, who have owned Serie A side Cagliari since 1992.
The statement added that the Cellion family "come to English football with an ambition to support Leeds United financially to take it to the Premier League and a belief that the club can sustain top-flight status".
On Friday, Cellino told Leeds manager Brian McDermott he was being sacked, with ex-Middlesbrough defender Gianluca Festa linked with replacing him.
GFH bought the club from former Chelsea owner Ken Bates in December 2012 but had planned to cut their stake to only 10 percent by selling out to British investors led by Leeds managing director David Haigh.
But Haigh, who joined the club after the GFH takeover, said earlier this week that his partners had failed to put up the money they had pledged.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.