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Italian company set to take over at 2nd-tier Leeds
Middle Eastern owners of Leeds agree to sell majority stake in club to Italian company
Associated Press
2014-02-01 10:01 PM

LEEDS, England (AP) -- The Middle Eastern owners of English second-tier team Leeds have agreed to sell a majority stake in the club to an Italian company run by the Cellino family.

GFH Capital, a Bahraini investment bank, released a statement on Saturday saying Eleonora Sport Ltd. will own 75 percent of the club and have "an ambition to support Leeds United financially to take it to the Premier League and a belief that the club can sustain top-flight status."

Eleonora -- headed by businessman Massimo Cellino -- has owned Serie A club Cagliari since 1992.

The latest development comes amid a tumultuous few days at Leeds, with manager Brian McDermott confirming Friday he is no longer in charge of the team after less than a year in the role. Leeds hasn't confirmed McDermott's departure.

Leeds began Saturday in 12th place in the League Championship.

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