U.S. investment fund buys Serie A side Cagliari
A U.S. investment fund led by Luca Silvestrone has purchased Serie A side Cagliari, club president Massimo Cellino said on Wednesday.
“We have reached an agreement and we have drafted a letter of intent providing for their entry into the company,” said Cellino, who purchased English Championship side Leeds United last April.
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No official figures relating to the sale have been revealed although reports in Italy claim Cellino could pocket 80 million euros.
Following a meeting in Miami, the Italian offered his support to the future owners of the club. “I am delighted, I hope they do not do to them what they did to me,” Cellino added. “May God bless them, God bless them.”
Cellino bought Cagliari 22 years ago, but in the last few years he has been plagued by a dispute with local authorities over the construction of a new stadium. Cagliari’s new Sant’Elia stadium is still under renovation following years of changing plans and wrangles with authorities, meaning the club has been forced to play its games at the Stadio Is Arenas in Quartu Sant’Elena.