Leeds United’s principal creditors have refused to extend the deadline for the standstill agreement over its £80m debt.

But the club claims the creditors are still backing its search for a buyer as they are still locked in negotiations with a Yorkshire-based consortium.

Earlier, the club’s shares were suspended on the Stock Exchange.

The consortium, led by insolvency expert Gerald Krasner, are the only bidders left after another consortium pulled out.

The statement from Krasner’s consortium claimed the bidders had “the credentials and the finances to save Leeds from administration” regardless of whether they avoid relegation.

The statement continued: “Any suggestion the consortium is looking at this acquisition as an asset stripping exercise is completely untrue, so much so we can make a commitment now that, if we are successful in buying the club.

“Leeds’ future is and always will be at Elland Road. Anyone suggesting otherwise is simply scaremongering.

“We have nothing to hide and, despite wishing to keep the members of the consortium anonymous for the moment, our intentions have been clear for everyone to see.

“Our one and only motivation is to ensure the survival of Leeds United.”