Cellino’s company Eleonora Sport bought a 75% stake in Leeds in 2014 before completing its takeover in September of this year.
Radrizzani opened talks with Cellino in May and revealed in an interview with The Straits Times they were in what the newspaper described as “advanced negotiations”.
“Massimo has 100 per cent now and if I do the deal, I will enter the club during this season with 50 per cent and have the option to buy him out completely in June next summer,” said Radrizzani.
“Leeds are exciting. They are a sleeping giant as everyone knows. Probably the only big brand left in English football that could grow in terms of value.”
Radrizzani did, however, state talk of Chinese backing – which began after Everbright Securities and Beijing Baofeng Technology acquired a 65 per cent stake in MP & Silva in May – was wide of the mark.
“This deal does not involve any Chinese parties at all,” he added.
“I will eventually bring my team and management but I will speak more about my project and plan once this is finalised.”