Earlier this morning, a Sardinian court found 57-year-old Cellino guilty of failing to pay import duty on a yacht called Nelie, fining him €600,000 (£502,000).
Cellino's takeover was already in doubt because of previous convictions in Italy and now it seems even less likely that the Italian will be the new Leeds owner.
"The Football League has noted the outcome of the court hearing earlier today regarding Massimo Cellino," read a statement on the Football League's website.
"We are engaged in an ongoing dialogue with his legal representatives in this country and cannot comment further at this time."
Since agreeing to purchase 75% of the club last month, Cellino has been funding players' wages and the loan moves for Jack Butland and Connor Wickham.
If his takeover is not ratified, Leeds will have to pay him back and could suffer financially.