The board then set the American group a deadline of noon today to come up with the cash after having no contact with them yesterday.
Sebastian Sainsbury, the English-based frontman for the consortium, had insisted that the funding would be in place by last night.
Michael Lucas, president of Nova Financial Partners, the American group behind the bid, has also signalled his intentions by remaining in Leeds throughout the negotiations.
Sainsbury has always maintained that the money will be in place later this week with a view to completing the deal this Friday and the group was still confident that there would be no hitches.
But the Leeds board are also in talks with a second consortium, headed by Yorkshire-based businessman Norman Stubbs.
Talks have been ongoing with Stubbs and his group and they are now watching the American situation with some interest.
It is believed that former Elland Road chief executive Trevor Birch has been sounded out by the Leeds-based consortium about a possible return to Leeds.
Birch has just refused the chance to join the Football Association as chief executive to take over from Mark Palios as he told the FA he was not interested in taking the position.