Leeds owner Andrea Radrizzani faces losing up to £270m if Javi Gracia’s side are relegated this season due to a potentially seismic collapse in their sale value.
The club’s minority shareholders San Francisco 49ers have an option to take full control at Elland Road in a deal valued at £420m, but that price only applies if they remain in the Premier League.
The 49ers Enterprises view Leeds as a long-term investment and would remain interested in completing the takeover even if they were in the Championship, but in the event of relegation would only value the club at £150m.