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Leeds face financial meltdown if Cellino takeover rejected

Leeds United face financial meltdown at the end of the month if Massimo Cellino's takeover is not approved.

The Mail on Sunday says Leeds United Bahraini bank owners GFH face a race against time to get Football League approval to sell to Cellino - or risk financial meltdown on payday at the end of this month.

GFH have agreed to sell to Cellino in a deal that could cost the Sardinian grain tycoon up to £33.5million - and solve the club's pressing cash issues.

Crucially, if he takes control, he will assume responsibility for the club's mounting debts and be responsible for providing cash flow to meet losses running at around £1m a month.

But before Cellino can complete his takeover, he needs to pass the League's 'owners and directors' test, commonly known as the 'fit and proper person test'.

"GFH have borrowed money to pay the wages for the best part of a year already," said a source familiar with the club's finances.

"They borrowed from Cellino to pay the January wages. February's are due within a fortnight. If the sale doesn't go through, things could get critical."

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