Leeds United owners GFH Capital have confirmed that they have rejected an offer for a majority stake in the club from a Yorkshire-based consortium.
The Championship outfit’s current owners completed their takeover in December 2012 for around £52m, but have already announced their desire to appoint "strategic investors".
However, the Dubai-based investment bank have confirmed that an offer for a 51 per cent stake in the club, with a view to a phased buy-out, had been turned down.
"The most recent offer has not been accepted,” a statement on the club’s official website read.
"Although we continue to seek strategic investors, we will only bring on board those who we feel can make a positive contribution to the sustainable success of Leeds United."
Despite a pre-season target of gaining promotion to the Premier League, Leeds have struggled in the Championship this term and currently occupy 11th place but sit just five points off the play-off spots.
"On the pitch, we were thrilled to bring in quality players such as Steve Morison, Michael Tonge, Stephen Warnock and Ryan Hall," the statement continued.
"They, along with our extended contracts for El Hadji Diouf and Sam Byram, are great additions to the squad and will provide a great boost as we head further into the second half of the season.
"Off the pitch, we have made significant investment of working capital that was crucial to keeping the club running. On top of producing the best results on the pitch, it is our aim to expand and strengthen the Leeds United brand both here in Leeds and across the globe with the thousands of fans that follow the club from abroad."