Cagliari owner sells club to American investors

MILAN - Cagliari owner Massimo Cellino offered his support to the new buyers of the Serie A club as he confirmed the sale of a majority share on Wednesday.

A group of US investors led by Luca Silvestrone had been competing with mining mogul Tommaso Giulini to take over the Sardinian club.

Cellino, who recently acquired a majority share in English second-tier club Leeds, confirmed Wednesday Silvestrone's consortium had won the bid.

"We've reached agreement and we have drafted a letter of intent which allows their entry into the company," Cellino was quoted as saying by domestic news agency ANSA.

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.