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Leeds United fan buy out – sense of wariness

Like a bolt from the bluest of blues, and coming after a dire and dismal display, under-fire Leeds United owner Massimo Cellino agreed in principle to sell his majority share in the club to fan group Leeds Fans Utd, as per a report in the Yorkshire Evening Post.

However, despite an agreement in principle being reached between Cellino and Leeds Fans Utd (LFU), there is still a lot of eventualities that could very well get in the way and cast doubt on the whole process, thus denying what would be  the biggest fan ownership of a football club in England. LFU is fronted by ‘internet entrepreneur’ Dylan Thwaites, a man with definite business savvy having sold his firm Latitude for the tidy sum of £55m, and it was between him and Massimo Cellino that the deal was struck. According to a report in the Mail Online, “More than 1,000 supporters including local wealthy individuals have pledged around £500,000 to the cause.” However, as confirmed by Adam Pope in the video below, Cellino hasn’t specified a price with Adam Pope quoting Cellino as saying, “I don’t like to talk money Adam.”

The refusal by Massimo Cellino to not name his price, only leaving a very non-commital “without profit” as an aside, has obviously drawn a certain sense of wariness to proceeedings. The Mail Online allude to this when they say, “Nor is it clear what liabilities any fans group would inherit from minority shareholders GFH — the Bahraini bankers who sold 75 per cent of the club to Cellino. Leeds have no assets, no ground, a middling squad, are millions in debt and are loss-making. LFU have no confirmed budgetary plans how to address these issues.”

This is not lost on LFU frontman Dylan Thwaites who admitted that, “An acquisition of this size and nature has never before been completed by fans in the UK, and we will be evaluating everything over the next few days.”

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