Club owned by former Leeds United chairman facing complete exclusion with possible fourth tier drop restart
A club owned by a former Leeds United chairman is facing bankruptcy.
Brescia, owned by former Leeds United chairman Massimo Cellino, are facing bankruptcy as a sad end to the club’s 114-year history.
According to Italian finance outlet Calcio Finanza, ex-Whites chairman Cellino has now opted against paying the required €3m required to settle the club’s debts which has left the club facing bankruptcy.
It has been suggested that Brescia could now be refounded under a new name and start again in Serie D.
A report from Calcio Finanza that was published on Friday read: “Hopes that Massimo Cellino will be able to meet the federal deadlines and pay the salaries of Brescia Calcio members for the last two months have definitely vanished.
“Cellino, as he had already announced several times in the last period and confirmed yesterday evening, did not want to deposit the 3 million euros that would have been needed to settle the outstanding debts into the club's accounts.
‘Excluded from the professional championships and the company faces bankruptcy’
“This leads Brescia to be excluded from the professional championships and the company faces bankruptcy after 114 years of history, in fact the terms for the payment of salaries , contributions and the first instalment to be paid to the Revenue Agency have expired.
“The intention is to evaluate the possibility of creating a new legal entity , starting from the old Brescia Calcio 1911 brand that ended up in litigation between the old owners of Gino Corioni and that of Massimo Cellino, who then abandoned it choosing a new name.
“Finally, the new Brescia could at least avoid having to start again from the amateurs with the team that would thus have to face Serie C, a category to which Cellino's Brescia had been condemned after the penalty of four points following the referral due to the failure to pay salaries and contributions.”