Massimo Cellino: Leeds United owner agrees Cagliari sale
Leeds United owner Massimo Cellino has struck a deal to sell Serie A club Cagliari to an unnamed American group fronted by Italian businessman Luca Silvestrone, reports BBC Radio Leeds.
Cellino will receive an initial €10m (£8.12m) payment, followed by a further €67m (£54.4m) on approval of a project to develop the Italian club's stadium.
The 57-year-old, who bought Cagliari in 1992, hopes to sign the deal on Friday.
Ex-Inter Milan director Tommaso Giulini had seen a €40m (£32.5m) bid rejected.
The Football League cleared Cellino's takeover at Elland Road in April after initially disqualifying him as a director when he was found guilty of failing to pay import duty on a yacht in Italy.
Since then, the Miami-based Italian businessman has revealed Leeds are losing more than £1m per month, and he must focus on "making them healthy again."