Leeds United will not, as some supporters had feared, be forced to sell their Elland Road ground.

There were concerns that the stadium was set to be knocked down, with a supermarket built in its place as part of the cost-cutting measures to be implemented by the new board following Friday’s takeover by a Leeds-based consortium.

But new chairman Gerald Krasner said: “Elland Road will continue to be the home of Leeds United Football Club as long as I am chairman.”

“This club was facing insolvency, this club was facing extinction,” said Krasner.

Fellow board member Peter Lorimer apologised to fans for the difficulties faced as a result of the growing debts.

“Their loyalty is amazing,” said Lorimer.

“And we must also apologise to the shareholders, who will have lost a lot of money. I’m looking forward to trying to build some broken bridges.”

“This is a football club which has been guilty of gross mismanagement,’ added Lorimer.

“It’s amazing how quickly this team became a laughing stock. They have been in bottom three for most of season and were almost bankrupt.”