Leeds United and Mr Cellino were contacted yesterday (Wednesday September 28) by the Daily Telegraph in relation to their investigation in football which has involved undercover reporters purporting to represent an investment and sports management company.

The Daily Telegraph informed Leeds United and Mr Cellino that they were considering publishing an article and asked Leeds United and Mr Cellino to respond to a number of questions. 

Through the Club's solicitors, a request was made to the Daily Telegraph for a full copy of any transcript involving Mr Cellino and/or any related audio and visual recordings.

The Daily Telegraph refused to provide such information and as such the Club declined to respond further at the time.  

The Club has reviewed the supposed "evidence" that the Daily Telegraph have published tonight. At no time in this video clip has Mr Cellino suggested getting around the FA's rules on third-party ownership of players.

In complete contrast to what has been suggested, Mr Cellino has made a perfectly proper suggestion which is entirely consistent with the FA's regulations, as the only parties entitled to take benefit from ownership of a player is the Club itself.

If a company commits money to a Club by way of investment, taking on the potential for profit but also the risk for loss, then that is a normal, every-day corporate process.

This is plainly not a suggestion as to how to circumvent the rules, but rather, an accurate albeit concise explanation of how to operate within the confines of the rules and effectively become "the Club".

The Club intends to make no further comment on this non-story.