Leeds Fans Utd Chief Executive Dylan Thwaites says that £30million is the price Massimo Cellino wants to sell his majority stake in Leeds United Football Club. The supporters group are currently awaiting an exclusivity agreement from Cellino, which would officially reveal that the Italian is prepared to sell the club to the fans.
BBC Sports Broadcaster Adam Pope, who is closely following this story, revealed on social media this afternoon that after an interview with Thwaites, it now looks as though £30million is the asking price that would officially see the club handed over to the fans.
Will post interview with @LeedsFansUtd Chief Executive Dylan Thwaites shortly. £30m is the price mentioned to buy Massimo Cellino's share.
— Adam Pope (@apopey) November 3, 2015
Speaking to the BBC earlier today, Thwaites revealed that discussions have taken place and he now believes Leeds Fans Utd are in a position to buy Cellino’s share in Leeds United Football Club,
“The good news is that four days ago Massimo (Cellino) invited us to buy the majority stake. We’ve spent the last 72 hours scoped that because obviously it means changing from what was setup to do a minority stake to turn it into buying a majority stake. We’ve worked through that now and we’re comfortable we can go ahead and purchase the majority stake. That is something we are ready to do.”
It was also revealed that £30million is the expected maximum cost to buyout Cellino’s 75% share in the football club. Cellino is said to have declared this figure based on what he has staked into the football club himself. Thwaites went onto reveal four different avenues that will be explored to raise the £30million. The Community Benefits Society, high-network wealthy Leeds fans, a supporter debt scheme and institutional investors.
Thwaites believes that Cellino will stick to his word of selling the club to them, especially considering that they are Leeds United fans. However they do wish to acquire this intention ‘in writing’ to make up an exclusivity agreement.
Due diligence is ‘massively important’ but Thwaites feels that given the assets of the club that a network of lawyers and accountants can be gathered for a significant reduced cost. Leeds Fans Utd would be ready to start the due diligence proceedings as early as tomorrow morning.
Finally, Thwaites believes that an eventual takeover could be completed within the next three months, but that they won’t progress until a legally binding exclusivity agreement from Cellino is provided. He’ll be meeting with the Italians lawyers tomorrow, with the intention of getting the ball rolling.
CLICK HERE to listen to all of Thwaites’ BBC radio interview from this afternoon, outlining the supporters group’s intentions to gain a majority stake in the football club.
