Leeds owners GFH Capital have confirmed they have turned down a bid by an undisclosed party to buy a controlling stake in the club.
It has been reported that a Yorkshire-based consortium made an offer for a 51 per cent share of the npower Championship side with a view to securing a phased buy-out.
The identities of the consortium members have not been disclosed.
"We are aware of growing speculation regarding new investment at Leeds United," GFH Capital said in a statement on Leeds' official website.
"As can be expected with a club as fantastic as Leeds United, since our acquisition we have received several offers to invest in the club alongside us.
"The most recent offer was for a majority stake and has not been accepted.
"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."
GFH Capital, a Dubai-based investment bank, completed their takeover of Leeds from Ken Bates in December.
Former Hull chairman Adam Pearson indicated earlier this week that he would like to return to football and gave Leeds as an example of a club he would be interested in.
Pearson, the current owner of rugby league side Hull FC, was the commercial director of Leeds for six years before he left the position in 2001.
However, it is not known if he is part of the consortium involved in this latest offer.