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One of the two groups hoping to take over ailing Leeds United, has decided not to make a bid for the cash-strapped club.

The consortium, fronted by former Huddersfield chairman Terry Fisher, “reluctantly concluded” it would not be making a bid for the Premier League club.

The news comes just 24 hours before the latest deadline imposed by the club’s creditors and leaves one other group in the running.

The decision not to make a bid was confirmed by Richard Hughes, a director of finance experts Zeus Capita, who had been working on the group’s proposal.

Negotiations between the remaining group, the club and the creditors are ongoing.

“Things are progressing and we’re further on than we were last week,” said Gerald Krasner, the second consortium’s representative.

Leeds, bottom of the Premier League and facing relegation, have debts of about £80m.

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