The Football League have confirmed Massimo Cellino could be forced to sell up at Leeds United.
The 58-year-old successfully appealed against the Football League’s initial decision to fail him in a “Fit and Proper Person” test but there was the caveat.
Although Cellino was found guilty of tax evasion in March, Italian law differentiates according to whether the guilty party acted “dishonestly” or not.
That verdict will not be known until the judge’s written reasons are published – already long overdue after a date of June was initially set.
At Soccerex, Football League chief Shaun Harvey admitted: “It was made very clear that when the written reasons are issued as part of the judicial process, if it is clear in there that the act was one of ‘dishonesty’, then at that stage he would fail the Owners and Directors Test and as such wouldn’t be able to be a director of the football club or exert any control.
“He is under an obligation to divest himself of his shares at that stage.
“Things would move very quickly. We’d obviously give the club a reasonable period of time to organise its affairs because you wouldn’t want to put the future of the club at risk immediately that you had a decision.
“It’s a matter the Football League board would have to consider at that particular time.
“But it’s exceptionally disappointing that we haven’t actually had the judgment, if not only to draw a line under the whole scenario so that everyone knows where they are. It’s a cloud still hanging over both the Football League and the club and Mr Cellino himself.”