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% share of the 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.
Information from the Press Association was used in this report.