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Massimo Cellino's first day as new Leeds United owner

The new owner of Leeds United, Massimo Cellino Credit: PA

Massimo Cellino has officially completed his takeover of Leeds, the Italian businessman's lawyers have confirmed. Cellino's company Eleonora Sport Limited has completed its purchase of 75 per cent of the club's shares and the 57-year-old has taken his place on the board of directors.

"Massimo Cellino has now been appointed a director of LUFC Holdings & ESL has completed its purchase of 75 per cent of the shares of LUFC Holdings," Cellino's legal representatives Mishcon de Reya tweeted.

Watch: Calendar's interview with Cellino in Watford last night

Read: Background to takeover

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Reaction to Cellino takeover of Leeds United

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I'll admit I hated the thought if Cellino at first, but the more I hear, the better it gets. New era, and when all in it together! #lufc

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Congratulations Massimo Cellino on your takeover of #lufc. Look forward to working with you in the future. MOT.

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Cellino completes Leeds United takeover

Massimo Cellino has officially completed his takeover of Leeds, the Italian businessman's lawyers have confirmed.

Cellino's company Eleonora Sport Limited has completed its purchase of 75 per cent of the club's shares and the 57-year-old has taken his place on the board of directors.

"Massimo Cellino has now been appointed a director of LUFC Holdings & ESL has completed its purchase of 75 per cent of the shares of LUFC Holdings," Cellino's legal representatives Mishcon de Reya tweeted.

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Massimo Cellino has now been appointed a director of LUFC Holdings & ESL has completed its purchase of 75% of the shares of LUFC Holdings

Leeds announce £9.5m losses

Leeds United has announced losses of £9.5million for the 2012-13 financial year.

Leeds announce losses
Leeds announce losses Credit: Press Association

The club is waiting on Football League approval for Massimo Cellino's takeover and will be hoping the Italian can provide a cash injection to improve the situation both on and off the pitch.

The 57-year-old Italian has inherited debts at Elland Road of more than £22m, the accounts confirm, and faces a huge task in reducing running costs and increasing turnover.

The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season and a January transfer embargo looms for clubs that fail to comply.

Under the terms of Cellino's deal to buy 75% of the club's shares from previous owner Gulf Finance House Capital, those debts will increase to around £24m.

Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses.

Attendances have fallen by nearly eight per cent, gate receipts are down £2m and turnover has fallen from £31.8m to £28.5m.

The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.

The latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.

It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.

Click here to read more about the club's recent takeover turmoil.

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