Video: Fans on what Leeds must do after Cellino bid collapse
The decision leaves Leeds in a state of limbo over its future ownership - Cellino has already paid more than £2million into the club.
Current owners Gulf Finance House (GFH), a bank in Bahrain, had signed a deal for Cellino, the owner of Serie A club Cagliari, to buy 75% of Leeds.
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Hide AdLeeds have also being struggling with financial problems though GFH has insisted the club will not go into administration again.
Cellino’s lawyer had argued that as he is appealing against the Italian court’s decision, he should be viewed as innocent until that final sentence is passed.
We asked fans at Elland Road what the club should do now. Click the screen to watch.