The Gazzetta dello Sport and the Corriere dello Sport are reporting that the takeover is complete this morning.
Cellino came close to buying West Ham United and isn't afraid of controversy.
Last year he spent several days in prison in Sardinia, accused of fraud for the construction of the Is Arenas stadium, which was later torn down for not having the requisite permits.
He also inaugurated the opening of the Is Arenas by playing guitar and singing, as he is part of a band in his spare time.
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball