Leeds United have confirmed that they are close to selling their Elland Road stadium after ending takeover talks with a British-American consortium.

Leeds plan to sell Elland Road and lease it back.

“We are in the final stages of completing a sale and leaseback of Elland Road,” said chairman Gerald Krasner.

“As I have repeatedly stated, football will continue to be played at Elland Road and the deal will include a commercial buy-back clause.”

The club bought back the stadium in 1998 after leasing it from the Leeds City Council for 13 years.

The Yorkshire club, who had debts estimated at over £100m last year, came close to collapse before being sold to a consortium led by Krasner in March last year.

The consortium looking to invest in the club was led by Sebastian Sainsbury, great-grandson of the founder of the Sainsbury’s supermarket chain. They had been set a deadline of 1300 GMT on Friday to complete the deal.

“Nova has failed to meet numerous self-imposed deadlines in terms of providing proof of funds,” said Krasner.

“At 1300 today, despite various requests, Nova’s solicitors remain unable to confirm they have received funds. On that basis, the Leeds United board has been advised… that negotiations have now ceased.”

Leeds, who as recently as 2001 reached the Champions League semi-finals, sold their Thorp Arch training ground in October and signed a 25-year lease to keep using the facilities as part of their effort to reduce the club’s debts.