LONDON, April 8 (Reuters) - Italian Massimo Cellino has bought control of second tier English soccer club Leeds United after overturning a ban that had threatened the deal.
Leeds made a loss of 9.5 million pounds ($15.8 million) in the 2012-13 season, figures released on Tuesday showed, underlining the task facing the new owner, who is the president of Italian Serie A club Cagliari.
Cellino’s ESL company has taken a 75 percent stake in Leeds and he will become a club director, his British lawyers Mishcon de Reya confirmed.
Dubai-based GFH Capital, who bought Leeds in December 2012, will retain a 25 percent interest in the club.
Financial details have not been disclosed but Cellino is reported to have paid around 25 million pounds for the stake.
Leeds won the English title in 1992 but have struggled since their relegation from the Premier League a decade ago.
Fans had been hoping for a revival under GFH but that ownership proved short-lived and the team has suffered from the uncertainty surrounding the Cellino deal in recent weeks.
The Football League board initially blocked the takeover after an Italian court found Cellino guilty of failing to pay duty on the import of a yacht and fined him 600,000 euros ($825,500).
The ban was overturned last week by a senior lawyer who heard Cellino’s appeal.
$1 = 0.6020 British Pounds $1 = 0.7277 Euros Writing by Keith Weir; editing by Justin Palmer