Leeds owner Massimo Cellino completes sale of Serie A side Cagliari to Italian company Fluorsid Group for undisclosed fee

Cellino's young reign at Elland Road has been clouded in controversy and he has now completed the sale of the Italian club

Leeds United owner Massimo Cellino has sold Cagliari Calcio to Italian company Fluorsid Group for an undisclosed fee, the Serie A club announced on Wednesday.

Fluorsid, a chemical company based in Cagliari and owned by the Giulini family, has acquired 100 per cent stake of the Sardinia football club for a reported 45million euros.

A statement from the club read: "Today (Wednesday) a contract has been signed for the sale of the 100 per cent stake of Cagliari Calcio to Fluorsid Group."

Cellino purchased Cagliari in 1992 and had been looking to sell the Sardinia-based outfit since acquiring a 75 per cent stake in Leeds earlier this year.

He revealed last week he had entered negotiations with the Giulini family to hand over the club after the sale of Cagliari to an American consortium group fell through earlier this month.

"During the first few months of 2014, I convinced myself that the time had come to end my 22-year experience at the helm of Cagliari Calcio," Cellino said to http://www.caglaricalcio.net.

"They have been intense and marvellous years during which I have experienced unforgettable moments.

"I want to thank everyone that has accompanied me in this journey.

"The club shareholders have taken a careful decision with regards to the sporting ambitions of the club, the seriousness of the project and the adherence of the territorial values.

"Cagliari Calcio is in need and deserves a precise and ambitious project.

"Fluorside Group and Tommaso Giulini are a guarantee in this sense.

"The fans can be calm.

"Cagliari Calcio will continue a journey of sustainable growth."

New owner Tommaso Giulini inherits a club that finished 15th in the Serie A standings, seven points clear of the drop zone.

"The Cagliari Calcio that I have in mind is ambitious," Giulini said. "It has very clear foundations: the development of a successful technical project, the growth of the youth system, innovation and to make our brand more international.

"The next few days will serve, besides defining the details of the deal, to create a working plan in order to face the main issues, such as coaching staff, team, sponsors and the stadium."

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor