The British and Irish-based consortium Together Leeds has vowed to continue the fight to take control of Leeds and has urged current owners Gulf Finance House Capital to consider their offer for the club.
Earlier on Wednesday evening another consortium, Sport Capital - led by Andrew Flowers, the managing director of the club's main sponsors Enterprise Insurance - pulled out of a joint-takeover bid with Together Leeds.
The two parties had united earlier this week in a last-ditch attempt to prise the club from the grasp of Italian businessman Massimo Cellino, who remains in the box-seat having agreed a reported £25million deal for 75 per cent of the club's shares on Friday.
But Together Leeds, headed by former Manchester United International director Mike Farnan, remain committed to convincing Bahrain-based investment firm GFH Capital that selling to controversial Cagliari owner Cellino, convicted of fraud and who has an outstanding charge of embezzlement, which he denies, hanging over him, is not the answer to the club's financial problems.
Together Leeds said in a statement: "We have watched the events of the last week with considerable interest.
"We remain committed to delivering a fully-funded, sustainable, long-term plan, to rebuild Leeds United FC and restore it to its rightful place in English football.
"We have assembled a team of highly-regarded individuals and advisors who have substantial reputations in football and are ready to move quickly to resolve all outstanding issues.
"We have reached out to GFH with every intention of demonstrating that this is a bid backed by credible Leeds, Yorkshire and footballing people that offers them an acceptable solution and the club and its supporters a dynamic future.
"The commitment and determination shown by Andrew Flowers has made us more determined not to walk away.
"Together our group can and will deliver a vision that has at its heart the club we all cherish.
"In the best interests of Leeds United, our offer of constructive dialogue will remain open.
"We now await GFH's response and will look forward to finding a constructive, embracing solution to ensure that the distractions of this prolonged uncertainty can be put behind the club and the focus return to football."