The Italian on Monday failed the Football League's owners' and directors' test in the wake of his tax offence conviction last week.
Cellino told the Guardian of the conviction relating to an unpaid tax on his yacht: "I'm not a dishonest man. If they say I did this, I am stupid. Why would I do something like this? Because I am a fool - I am stupid.
"There's different justice in Italy. I prefer the English way, but I am in Italy unfortunately. I pay millions and millions at clubs and they [the courts] say I tried to screw them over for a small amount. It's stupid. I could pay that tomorrow.
"I am not a dishonest crook. If I made a mistake, it was not on purpose. I'm shocked, I'm very shocked. I feel like I will disappear. I am so ashamed of myself, you have no idea. It's not about the money at the moment.
"I didn't try and do anything bad to Leeds, to anyone - I just wanted to do something good. I'm so shocked that I feel like I will jump from the window right now. I feel so ashamed. Why did they take two months to wait for the decision of the Italian court? I could have delayed the trial for one or two years if I had wanted."
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