Leeds United have released a public statement confirming that they have sold a 75% stake in the club to Eleonora Sport Ltd, a company owned by the family that also owns Serie A outfit Cagliari.

The statement, released on the Leeds United website, comes amid speculation that Brian McDermott, sacked last night by the club, is reportedly to be reinstated just a day later.

The release reads: "GFH Capital would like to confirm that it has agreed to sell a 75% stake in the club to Eleonora Sport Ltd, a company owned by the Cellino family who have many years experience in football and who plan to invest substantially in the club including the re acquisition of Elland Road. Eleonora will be working on completing the required Football League approval.

"The Cellino Family is a well known Italian sports family, who have owned Serie A side Cagliari since 1992. They come to English football with an ambition to support Leeds United financially to take it to the Premier League and a belief that the club can sustain top-flight status.

"Since the agreement, Leeds United is in discussion with Elenora Sport Ltd. on a number of issues concerning the club matters including the structure of the management of the first team."

Leeds United currently sit in 12th place in the Championship.