It was announced this morning that Cellino's purchase of the Championship club had been unanimously disapproved because of a recent tax evasion charge in Italy.
This afternoon's statement on the club website read: "The club and its shareholders are disappointed at the decision of the Football League not to approve Massimo Cellino as a director of Leeds United FC.
"However, the board and executive management of the club will continue discussions with the Football League and Eleonora Sport (Cellino's company) to find a solution that is suitable to all parties.
"Our shareholders continue to support the club directly or through additional investments as has always been the case. We would like to reassure the fans of the continuity of our great club."
Since agreeing to buy the club last month, Cellino has been financing player wages and loan moves at Elland Road.
Today's news means that Leeds could plunge into administration if they struggle to repay the Italian.