Leeds United Football Club managing director David Haigh has moved to dismiss rumours the club is on the brink of entering administration.
The club is currently awaiting approval from the Football League over a takeover bid that, if it were to fail, would see the club close to administration.
Italian entrepreneur Massimo Cellino agreed a deal to buy a 75% stake in the Championship club from current owner GFH Capital at the end of January but Cellino must first be ratified by the football authority.
Speaking to The Yorkshire Post, Haigh said: The club is in good hands. It has money and there is no chance of the club going into administration. None whatsoever.
“I keep hearing these whispers, where people have put two and two together to make 550. We had a winding-up order recently, which caused fans to panic.”
In February Leeds United was issued with a winding up petition by shirt sponsor Enterprise Insurance. The petition was withdrawn after an outstanding debt of £1.5m was repaid.
Haigh was adamant that the petition would not affect the financial future of the club, despite both he and Cellino having contributed personal funds to the club.
Haigh explained: “But the club is not in any kind of precarious financial position. Either now or in the future. It is not true and never has been.
“As a director of a company, there is a test of solvency that you have to go through. Can the company meet its debts, as and when they fall? And yes, Leeds United can.”
The club currently sit 15th in the Championship table after losing 4-2 to Reading earlier this week.