Leeds United Supporters Trust earlier revealed the proposed takeover, believed to involve investors from the Middle East, had collapsed after they had been granted due diligence.
It is understood concerns about the takeover emerged on Wednesday when Leeds chief executive Shaun Harvey flew out to Monaco to meet with chairman Ken Bates in an effort to push the deal towards a conclusion.
The Elland Road club have now released a statement which read: "Leeds United ('The Club') announces that the exclusivity period granted to a potential investor as mentioned in the statement of 26 June has ended. The club remain happy to continue discussions, but not on an exclusive basis, so as not to prevent other options passing.
"The first priority must be to ensure that the credibility of any future investor or ultimate owner is such, that the Leeds legacy and its future is in safe hands, back in the Premiership.
"The club will continue to be receptive to approaches from potential new partners who can establish that they have the necessary credentials. Meanwhile, it is encouraging that there is a new spirit at the club under the management of Neil Warnock and his 10 new signings."