Fluorsid, a chemical company based in Cagliari and owned by the Giulini family, has acquired the Sardinia football club for a reported 45million euros.
A statement from the club read: "Today (Wednesday) a contract has been signed for the sale of the 100 per cent stake of Cagliari Calcio to Fluorsid Group."
Cellino purchased Cagliari in 1992 and had been looking to sell the Sardinia-based outfit since acquiring a 75 per cent stake in Leeds earlier this year.
He revealed last week he had entered negotiations with the Giulini family to hand over the club after the sale of Cagliari to an American consortium group fell through earlier this month.
"During the first few months of 2014, I convinced myself that the time had come to end my 22-year experience at the helm of Cagliari Calcio," Cellino said to www.cagliaricalcio.net.
"They have been intense and marvellous years during which I have experienced unforgettable moments.
"I want to thank everyone that has accompanied me in this journey.
"The club shareholders have taken a careful decision with regards to the sporting ambitions of the club, the seriousness of the project and the adherence of the territorial values.
"Cagliari Calcio is in need and deserves a precise and ambitious project.
"Fluorside Group and Tommaso Giulini are a guarantee in this sense.
"The fans can be calm.
"Cagliari Calcio will continue a journey of sustainable growth."
New owner Tommaso Giulini inherits a club that finished 15th in the Serie A standings, seven points clear of the drop zone.
"The Cagliari Calcio that I have in mind is ambitious," Giulini said. "It has very clear foundations: the development of a successful technical project, the growth of the youth system, innovation and to make our brand more international.
"The next few days will serve, besides defining the details of the deal, to create a working plan in order to face the main issues, such as coaching staff, team, sponsors and the stadium."
Cellino can now focus all his attention on Leeds and the club's search for a new manager.
It now appears unlikely that man will be Eamonn Dolan after Reading issued a hands-off warning over their academy boss.
Dolan had become favourite to replace ex-Royals chief Brian McDermott, who left the Yorkshire club last month.
But Reading's director of football Nicky Hammond insists the club have no intention of letting Dolan leave his current role, which he has held for almost 10 years.
In a statement on the Royals' website, Hammond said: "Reading FC are aware of the interest of another Championship club in our academy manager Eamonn Dolan.
"Eamonn is an integral part of our club and is under contract to Reading Football Club. Eamonn has done an incredible job since taking over from Brendan Rodgers and we hope he will be a big part of our club for many years to come.
"He has a fantastic relationship with our manager Nigel Adkins and we do not welcome any approaches from any club for our key staff. We hope this is the end of the matter."
- Sports & Recreation
- Eamonn Dolan